|
|
GROSS DOMESTIC PRODUCT, WELFARE: Gross domestic product (GDP) is 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. GDP is intended to measure the nation's production of wants-and-needs satisfying goods and services. While it provides an indication of how far the economy has come on the long road to battling the ever-present scarcity problem, it is NOT a direct measure of the nation's welfare or well-being. GDP is certainly a big component of the well-being of the country, but not the ONLY component.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 22: Factor Supply | Unit 2: Resources
|
Page: 10 of 25
|
|
Topic:
Land: Space And Materials
|
|
|
- Land provides two important productive services -- space and materials.
- Space: First, land provides a place to locate things, especially productive resources like factories.
- Materials: Second, land is the resource category that provides the raw materials transformed into physical products.
- The factor supply of land services depends on which aspect of land is being supplied.
|
|
|
|
|
|
|
AVERAGE VARIABLE COST Total variable cost per unit of output, found by dividing total variable cost by the quantity of output. When compared with price (per unit revenue), average variable cost (AVC) indicates whether or not a profit-maximizing firm should shut down production in the short run. Average variable cost is one of three average cost concepts important to short-run production analysis. The other two are average total cost and average fixed cost. A related concept is marginal cost.
Complete Entry | Visit the WEB*pedia |
|
|
BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store seeking to buy either a genuine down-filled snow parka or throw pillows for your living room sofa. Be on the lookout for cardboard boxes.
Your Complete Scope
This isn't me! What am I?
|
|
|
John Maynard Keynes was born the same year Karl Marx died.
|
|
|
"Life is a promise; fulfill it. " -- Mother Teresa, humanitarian
|
|
FRS
Federal Reserve System
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
