Blog author: jcarter
Friday, March 11, 2016
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What is Gross Domestic Product (GDP)? The definition is rather straightforward: GDP is the market value of all finished goods and services, produced within a country in a year. But that’s not very useful in trying to understand the concept.

In this video by Marginal Revolution University, they recommend thinking ofthe economy as a giant supermarket, with billions of goods and services inside. At the checkout line, you watch as the cashier rings up the price for each finished good or service sold. What have you just observed?

Economics in One Lesson : The Shortest and Surest Way to Understand Basic Economics

Economics in One Lesson : The Shortest and Surest Way to Understand Basic Economics

This classic work provides the layman with a clear understanding of the economic way of thinking. A must-read for the beginner!