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GROSS DOMESTIC PRODUCT: 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. This is the government's official measure of how much output our economy produces. It's tabulated and reported by the National Income and Product Accounts maintained by the Bureau of Economic Analysis, which is part of the U. S. Department of Commerce.
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PRODUCTION POSSIBILITIES CURVE A curve that illustrates the production possibilities of an economy--the alternative combinations of two goods that an economy can produce with given resources and technology. A production possibilities curve (PPC) represents the boundary or frontier of the economy's production capabilities, hence it is also frequently termed a production possibilities frontier (PPF). As a frontier, it is the maximum production possible given existing (fixed) resources and technology. Producing on the curve means resources are fully employed, while producing inside the curve means resources are unemployed. The law of increasing opportunity cost is what gives the curve its distinctive convex shape.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for broken fingernail clippers.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"Defeat is not the worst of failures. Not to have tried is the true failure." -- George E. Woodberry, Author
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LSE
London Stock Exchange
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