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NET NATIONAL PRODUCT: The total market value of all final goods and services produced by citizens of an economy during a given period of time, usually a year, after adjusting for the depreciation of capital. Net national product, abbreviated NNP, has the same relation to net domestic product (NDP) as gross national product (GNP) has to gross domestic product (GDP). Net national product also has the same relation to gross national product that net domestic product has to gross domestic product. Like NDP, NNP is a measure of the net production in the economy.

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BROOKINGS INSTITUTION: An independent, nonpartisan organization devoted to research, analysis, education, and publication focused on public policy issues in the areas of economics, foreign policy, and governance. The Brookings Institution takes its name from Somers Brookings (1850-1932) who in 1922 and 1924 founded the Institute of Economics and a graduate school bearing his name. These two institutions and the Institute for Government Research (IGR), which was the first private organization devoted to analyzing public policy issues at the national level, merged in 1927 to create the Brookings Institution. The Brookings Institution is a non-profit organization located in Washington, D.C.

     See also | American Enterprise Institute | National Bureau of Economic Research | Conference Board, The | Bureau of Economic Analysis | Bureau of Labor Economics | Cato Institute | Nobel Prize in Economic Sciences | economist | liberal | political views | conservative | free enterprise | laissez faire | positive economics | satisfaction | resource allocation | economic thinking | economic analysis | economic system | mixed economy | capitalism | communism | socialism | The Brookings Institution:www.brookings.edu | American Enterprise Institute:www.aei.org |


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AGGREGATE SUPPLY SHIFTS

Changes in the aggregate supply determinants shift both the short-run aggregate supply curve and the long-run aggregate supply curve. The mechanism is comparable to that for market supply determinants and market supply. There are two options--an increase in aggregate supply and a decrease in aggregate supply. An increase in resource quantity or quality or a decrease in resource price shifts one or both of the aggregate supply curves to right. A decrease in resource quantity or quality or an increase in resource price shifts one or both of the aggregate supply curves to left.

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Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for slightly overweight pizza delivery guys.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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