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REAL GROSS DOMESTIC PRODUCT: The total market value, measured in constant prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. The key is that real gross domestic product is measured in constant prices, the prices for a specific base year. Real gross domestic product, also termed constant gross domestic product, adjusts gross domestic product for inflation. You might want to compare real gross domestic product with the related term nominal gross domestic product.

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Lesson 10: Utility and Demand | Unit 4: On To Demand Page: 17 of 21

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • How the demand for a good can be analyzed by comparing the marginal utility-price ratio for one good with the marginal utility-price for other goods.
  • Why price changes that force a readjustment of the rule of consumer equilibrium.
    • Higher prices force the marginal utility to increase, which is accomplished with a decrease in quantity.
    • Lower prices force the marginal utility to decrease, which is accomplished with an increase in quantity.
  • How the law of demand can be explained by the law of diminishing marginal utility.
  • How the marginal utility curve can be converted to a demand curve.

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MARGINAL COST AND MARGINAL PRODUCT

The U-shape of the marginal cost curve is closely related to the hump-shape of the marginal product curve. The increasing portion of the marginal product curve corresponds with the decreasing portion of the marginal cost curve. The decreasing portion of the marginal product curve corresponds with the increasing portion of the marginal cost curve. The peak of the marginal product curve corresponds with the minimum of the marginal cost curve.

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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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