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The market supply curve shows the amount of goods/services produced at any given price. There is a direct relationship between output and price. That is, if the price of goods and services is high, then sellers will produce a large number of goods and services. Conversely, if the price of goods/services is low, then output will also be low.
All final goods and services produced in an economy in a given year.
Potential output is the capacity to produce should all factors be employed in an economy. For example, it is the output should there be no unemployment, no spare labour and no spare capital. It is unlikely that actual output will be the same as potential ouput since there is always unemployment.
GDP
The gross domestic product (GDP) or gross domestic income (GDI) is one of the measures of national income and output for a given country's economy. It is the total value of all final goods and services produced in a particular economy; the dollar value of all goods and services produced within a country's borders in a given year.The most common approach to measuring and quantifying GDP is the expenditure method: GDP = consumption +gross investment + government spending + (exports − imports), Services would come under both consumption and exports. consumption would have the services offered to the local people and exports would have the services exported to other nations.
The market supply curve shows the amount of goods/services produced at any given price. There is a direct relationship between output and price. That is, if the price of goods and services is high, then sellers will produce a large number of goods and services. Conversely, if the price of goods/services is low, then output will also be low.
All final goods and services produced in an economy in a given year.
Potential output is the capacity to produce should all factors be employed in an economy. For example, it is the output should there be no unemployment, no spare labour and no spare capital. It is unlikely that actual output will be the same as potential ouput since there is always unemployment.
GDP
No. Paul McCartney is the only former Beatle to be knighted. (John Lennon was reportedly suggested for a posthumous knighthood, but was never seriously considered; he'd spoken out against the British government many times, during his life.)
The gross domestic product (GDP) or gross domestic income (GDI) is one of the measures of national income and output for a given country's economy. It is the total value of all final goods and services produced in a particular economy; the dollar value of all goods and services produced within a country's borders in a given year.The most common approach to measuring and quantifying GDP is the expenditure method: GDP = consumption +gross investment + government spending + (exports − imports), Services would come under both consumption and exports. consumption would have the services offered to the local people and exports would have the services exported to other nations.
when marginal cost are below average cost at a given output, one can deduce that,
when marginal cost are below average cost at a given output, one can deduce that,
Gross Domestic Product
GDP is the market value of all final goods and services produced within a country's borders in a given year.
A graphical relationship of the total amount of final goods and services that suppliers are willing and able to produce at a given price level.
the total value of all final goods and services produced by all nations in a given year