Map of cappadocia for The logical problem in identifying products exclusively by their wantsatisfying powers is that two products (such as two brands of soft drinks or a soft drink and a smoothie) that satisfy the same want or need (say, a desire for a sweet-tasting drink) must, by necessity, be regarded as identical. It should be observed that product as used in macroeconomics is by no means simply an analogue of an individual good. If nominal GDP is expressed as: where P and Q are vectors of prices and quantities produced, the dimension of Y is dollars per unit time, and Y may change at constant Q.The usual way of making the underlying utility, which is assumed to be generated by the quantities of goods Q, congruent with Y, is to compute real GDP as: YR = YN / P However, real GDP does not have the dimensions of a real product, either.
It is a derivative measurement, its dimension being base-period dollars (not dollars per unit good) and thus dependent on the price index used.
Map Of Cappadocia Gallery Photos
Map Of Cappadocia
In the ontological sense, then, aggregates of bushels of wheat, BMW automobiles, or haircuts are just as real as the individual products; GDP and GNP as macroeconomic magnitudes expressed in monetary terms are not. Product classification.
Map of cappadocia 2016.