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NATIONAL INCOME AND GROSS DOMESTIC PRODUCT: National income (NI) is the total income earned by the citizens of the national economy resulting from their ownership of resources used in the production of final goods and services during a given period of time, usually one year. Gross domestic product (GDP) is the total market value of all final goods and services produced within the political boundaries of an economy during a given period of time, usually a year. Although national income is generated by the production of gross domestic product, the value of production does not entirely result in earned income. In other words, national income can be derived from gross domestic product after a few adjustments.
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LONG-RUN AGGREGATE MARKET A macroeconomic model relating the price level and real production under the assumption that ALL prices are flexible. This is one of two aggregate market submodels used to analyze business cycles, gross production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The other is the short-run aggregate market. The long-run aggregate market isolates the interaction between aggregate demand and long-run aggregate supply. The key assumption of this model is that ALL prices, especially resource prices, are flexible. The primary result of this model is that the economy achieves long-run equilibrium at full-employment real production.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either a replacement nozzle for your shower or a decorative windchime with plastic . Be on the lookout for malfunctioning pocket calculators.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"The less secure a man is, the more likely he is to have extreme prejudices. " -- Clint Eastwood, actor, director
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LIML
Limited Information Maximum Likelihood
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