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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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DIVISION OF LABOR A basic economic notion that labor resources are used more efficiently if work tasks are divided among different workers. This allows workers to specialize in production as each becomes highly skilled at specific tasks.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at an auction trying to buy either a T-shirt commemorating the first day of winter or software that won't crash your computer. Be on the lookout for deranged pelicans.
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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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"Every generation of Americans needs to know that freedom exists not in doing what we like, but in having the right to do what we ought. " -- Pope John Paul II
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SAIF
Savings Association Insurance Fund
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