The Fabulous Fifteen

The concepts in the Fabulous Fifteen build upon the learning concepts in The Terrific Twelve:

13.  Government and Taxes: Government provides various kinds of goods and services in our economy. Government pays for the goods and services it provides through taxing and borrowing.

14.  "Spillovers" and the Environment: Spillovers are benefits or costs associated with production and consumption which affect someone other than the intended producers or consumers. Pollution is an example of a spillover cost. Painting one's house is an example of a spillover benefit.

15.  Gross Domestic Product: GDP is the total dollar value of all goods and services produced in one year in a country. Also known as nominal or money GDP.

Learn more about the next stage of economic concepts.