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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.

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CONTRACTION

A phase of the business cycle characterized by a general period of declining economic activity. A contraction is one of two basic business cycle phases. The other is expansion. The transition from contraction to expansion is termed a trough and the transition from expansion to contraction is termed a peak. The popular term for contraction, one that frequently shows up in the media, is recession.

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time at a going out of business sale wanting to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for crowded shopping malls.
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More money is spent on gardening than on any other hobby.
"It is the mark of an educated mind to be able to entertain a thought without accepting it."

-- Aristotle

LCH
Life Cycle Hypothesis
A PEDestrian's Guide
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