Describe the Punctuated-Equilibrium Model

question 5

Essay

Describe the punctuated-equilibrium model.

Understand the concept and components of Gross Domestic Product (GDP) and its importance as an economic measure.

Distinguish between GDP, Gross National Product (GNP), Net National Product (NNP), and other income measures.

Recognize the circular-flow diagram and its components, including the roles of households and firms.

Identify the transactions included and excluded in GDP calculation.

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Definitions:

Sponges

Simple aquatic animals belonging to the phylum Porifera, characterized by their porous bodies that filter nutrients from water.

Geological Eon

A major division of geological time, lasting billions of years, that divides Earth's history into significant phases.

Archean

A geological eon extending from about 4.0 to 2.5 billion years ago, characterized by the formation of the Earth's first stable continental crust.

Hadean

The earliest eon in Earth's history, marked by extreme heat and uninhabitable conditions, spanning from about 4.6 to 4 billion years ago.