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NET DOMESTIC PRODUCT: The total market value of all final goods and services produced within the political boundaries of an economy during a given period of time, usually a year, after adjusting for the depreciation of capital. Net domestic product, usually abbreviated NDP, is one of five key National Income and Product Accounts measures reported regularly (every three months) by the Bureau of Economic Analysis. The other four measures are gross domestic product, national income, personal income, and disposable income. Net domestic product has largely replaced a comparable term, net national production.
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Lesson 14: Production | Unit 6: Product Curves
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Page: 16 of 25
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In this unit, you should have learned about:- The TP curve as the graphical relation between total product values and variable input quantities.
- The AP curve as the graphical relation between average product values and variable input quantities.
- The MP curve as the graphical relation between marginal product values and variable input quantities.
- The connection between the law of diminishing marginal returns and the shapes of the total product, average product, and marginal product curves.
- The three stages of production characterized by the slopes of the total and marginal product curves.
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SHORT-RUN PRODUCTION ALTERNATIVES A firm faces three production options in the short run based on a comparison between price, average total cost, and average variable cost. If price is greater than average total cost, a firm earns an economic profit by producing the quantity that equates marginal revenue with marginal cost. If price is less than average total cost but greater than average variable cost, a firm incurs an economic loss, but produces the quantity that equates marginal revenue with marginal cost. If price is less than average variable cost, a firm shuts down production in the short run, incurring an economic loss equal to total fixed cost.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either a how-to book on wine tasting or a bookshelf that will fit in your closet. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"Wherever you go, no matter what the weather, always bring your own sunshine." -- Anthony J. D'Angelo
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APEC
Asia-Pacific Economic Co-operation
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