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GDP: The total market value of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. This is the government's official measure of how much output our economy produces. It's tabulated and reported by the National Income and Product Accounts maintained by the Bureau of Economic Analysis, which is part of the U. S. Department of Commerce. Gross domestic product is one of several measures reported regularly (every three months) by the pointy-headed folks at the Bureau of Economic Analysis.
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Lesson 14: Production | Unit 1: Short-Run Production
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Page: 2 of 25
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Topic:
Two Inputs: Fixed And Variable
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- Two different types of inputs -- fixed and variable.
- A fixed input is an input used in the production of goods and services that does not change in the time period of the analysis.
- A variable input is an input used in the production of goods and services that does change in the time period of the analysis.
- For short-run production, the quantity of variable inputs used in production can be changed, but the quantity of fixed inputs can not.
- Fixed and variable inputs are closely connected to the time period of analysis.
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DEMAND The willingness and ability to buy a range of quantities of a good at a range of prices, during a given time period. Demand is an inverse relation between price (demand price) and quantity (quantity demanded). Demand is one half of the market exchange process--the other is supply. This demand side of the market draws inspiration from the unlimited wants and needs dimension of the scarcity problem.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either a T-shirt commemorating the first day of winter or software that won't crash your computer. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?
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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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"The best way to cheer yourself up is to try to cheer somebody else up." -- Mark Twain
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IRBNE
Income Received But Not Earned
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