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GROSS DOMESTIC PRODUCT, INS AND OUTS: Gross domestic product 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. Obtaining this value is not a simple task. It requires combining a lot of information from a number of different sources. For the U.S. economy, this includes trillions of dollars worth of production, hundreds of million of consumers, hundreds of thousands of businesses, and a bunch of market transactions each year.
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OPPORTUNITY COST The highest valued alternative foregone in the pursuit of an activity. Opportunity cost is a one of the most fundamental concepts used in the study of economics. An opportunity cost can be either explicit, usually involving a monetary payment, or implicit, which does not involve a transaction. Opportunity cost is also commonly termed economic cost.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either a graduation present for your niece or nephew or a toaster oven that has convection cooking. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"Most people never run far enough on their first wind to find out they've got a second. Give your dreams all you've got and you'll be amazed at the energy that comes out of you." -- William James, Psychologist
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TR
Total Revenue
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