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- Describe the flow of goods, services and resources in the economy.
- Use the expenditure approach to measure economic growth.
- Name the components that make up the gross domestic product (GDP).
- List the items that are excluded from the GDP.
- Differentiate between 'investment' and 'investments' in economics.
1. Circular Flow of Economic Activity: The Flow of Goods, Services & Resources
Learn about the simple model used to describe where money goes and what it is exchanged for in a market economy. The circular flow model of economic activity shows you the basic relationships between households, firms and the government.
2. Gross Domestic Product: Using the Income and Expenditure Approaches
In this lesson, you will learn how economists measure gross domestic product using two different methods - the income approach and the expenditure approach.
3. Gross Domestic Product: Definition and Components
Learn how economists measure the total production of an economy using gross domestic product (GDP). This lesson also outlines the components that make up a GDP. How do we calculate the economic value of a nation?
4. Gross Domestic Product: Items Excluded from National Production
In this lesson, you'll gain a better understanding of what the gross domestic product is by exploring things that are excluded from it. Why do we count some items in the GDP but not others?
5. Investment vs. Investments in Economics
Discover the important difference between investment in economics and investments that individuals make by saving out of their income. This lesson defines and outlines the basic components of gross private domestic investment.
6. GNP: Definition & Formula
This lesson explores the economic concept known as gross national product, or GNP. We'll discuss the formula for calculating GNP as well as the differences between GNP and the better-known GDP.
7. Herfindahl Index: Definition & Formula
This lesson is all about the Herfindahl Index, how it is used to calculate the market concentration of an industry and what the Herfindahl Index value means in a market.
8. Income Elasticity of Demand: Definition, Formula & Example
How customers spend money is a direct reflection of their income. A higher income allows the consumer to spend more, while the opposite is true for a lower income. This lesson breaks down the income elasticity of demand.
9. Income Elasticity: Definition, Formula & Example
Should you buy it or not? That's a common question consumers ask when facing purchases of non-essential or large ticket items. This lesson will explain how this question relates to a person's income.
10. Indirect Labor: Definition & Examples
In this lesson, we will discuss what indirect labor consists of. We will also look at some employees that fall within this category and apply information to real life scenarios. This will be followed by a summary and a quiz.
11. Industrial Market: Definition & Segments
Your company has serviced businesses for five years. Last year, sales went down. Something has to be done to get back on track. You need to determine a focus area to increase sales and efficiency. This lesson covers segmentation and its importance.
12. Inflation: Definition, Types, Causes & Effects
In this lesson we will take a look at inflation and its importance. We will discuss the types and causes of inflation, as well as look at the effects of inflation.
13. Inflationary Gap: Definition & Overview
This lesson looks at what causes an inflationary gap. You will review aggregate demand and what happens when that demand outpaces supply at full employment. See how the gross domestic product is calculated and how it relates to aggregate demand.
14. Nash Equilibrium in Economics: Definition & Examples
The Nash Equilibrium is an important concept in economics, especially in the field of game theory. In this lesson, we will learn about the Nash Equilibrium and follow up with a quiz.
15. Normative Economics: Definition & Examples
In this lesson, we'll explore normative economics. We will look at the definition of the term and see how it compares to positive economics. Some examples will be considered.
16. Oligopoly Competition: Definition & Examples
In this lesson we will explain what a competitive oligopoly is. We will then look at some prominent characteristics of an oligopoly as well as look at some examples.
17. What is Currency Trading? - Definition & Examples
Currency trading may only seem like something of necessity when one travels from one country to another. This lesson will discuss currency trading as a profitable venture, and how owners/managers of such businesses deal with the fluctuations that can occur in currency valuation.
18. What is Deflation? - Definition, Causes & Effects
You may not realize it, but prices sometimes go down, and that's not always a good thing. In this lesson, you'll learn what deflation is, its causes, and its effects. A short quiz follows the lesson.
19. Comparing Monopolies: Monopoly, Oligopoly & Monopolistic Competition
Depending on the industry a company enters into, it may face - or be - a monopoly. In this lesson, we will compare the characteristics of a monopoly, oligopoly, and monopolistic competition, and provide examples.
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- Aggregate Demand and Supply: Tutoring Solution
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- Money, Banking, and Financial Markets: Tutoring Solution
- Central Bank and the Money Supply: Tutoring Solution
- Fiscal and Monetary Policies: Tutoring Solution
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