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GROSS DOMESTIC PRODUCT AND NATIONAL INCOME: 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. 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. While the vast majority of domestic production is undertaken by domestic factors of production (national income is about 80% of gross domestic product) key differences do exist. The six main differences between gross domestic product and national income are (1) capital consumption adjustment, (2) indirect business taxes, (3) business transfer payments, (4) net foreign factor income, (5) government subsidies, and (6) statistical discrepancy.
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INFLATION A persistent increase in the average price level in the economy. It is measured by the inflation rate, the annual percentage change in a price index such as the Consumer Price Index (CPI) or GDP price deflator. Inflation is the most common phenomenon associated with the price level. Two related phenomena are deflation, a decrease in the price level, and disinflation, a decrease in the inflation rate. Inflation is one of two key macroeconomic problems. The other is unemployment.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either a 50 foot extension cord or a combination CD player, clock radio, and telephone (with answering machine). Be on the lookout for cardboard boxes.
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This isn't me! What am I?
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"Stand up to your obstacles and do something about them. You will find that they haven't half the strength you think they have." -- Norman Vincent Peale
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NE
Nash Equilibrium
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