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MACROECONOMY: The aggregate, or national economy that is the prime focus of the study of macroeconomics.

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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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WHITE GULLIBON
[What's This?]

Today, you are likely to spend a great deal of time wandering around the shopping mall looking to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for jovial bank tellers.
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This isn't me! What am I?

Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"There's a very positive relationship between people's ability to accomplish any task and the time they're willing to spend on it."

-- Dr. Joyce Brothers

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