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GROSS DOMESTIC PRODUCT AND NET DOMESTIC PRODUCT: 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. Net domestic product (NDP) 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, after adjusting for the depreciation of capital. The key difference between these two production measures is the phrase "after adjusting for the depreciation of capital." This phrase is officially termed capital consumption adjustment.
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SUBSTITUTION EFFECT The change in quantity demanded that results because a change in the demand price of a good causes a change in the relative prices, which induces buyers to substitute the purchase of one good for another. This is one of two reasons, or effects, underlying the law of demand and the negative slope of the market demand curve. The other is the income effect.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time at an auction wanting to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for vindictive digital clocks with revenge on their minds.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. " -- C. Northcote Parkinson, historian
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ATO
At The Opening
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