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NOMINAL GROSS DOMESTIC PRODUCT: The total market value, measured in current 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 nominal gross domestic product is measured in current, or actual prices; the prices buyers actually pay for goods and services purchased. Nominal gross domestic product is also termed current gross domestic product.
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Lesson 21: Factor Demand | Unit 2: Derived Demand
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Page: 7 of 24
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- The demand for a factor of production is derived from the demand for production.
- Specific definitions:
- Factor demand is the demand for the use of the productive services of resources, or factors of production, which is the prices buyers are willing and able to pay at for a range of different quantities.
- And factor demand is a derived demand.
- Derived demand is the demand for the services of a resource or factor of production resulting from the demand for the good or service produced.
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INDUCED EXPENDITURES Expenditures on aggregate production by the four macroeconomic sectors that depend on income or production (especially national income or even gross domestic product). That is, changes in income generate changes in these expenditures. Each of the four aggregate expenditures--consumption, investment expenditures, government purchases, and net exports--have an induced component. Induced expenditures are measured by the slope of the aggregate expenditures line. The alternative to induced expenditures are autonomous expenditures, expenditures which do not depend on income.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a birthday gift for your grandfather or a pleather CD case. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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RBC
Real Business Cycle
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