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GDP DEFLATOR: A price index based on the calculation of real gross domestic product that's used as an indicator of average prices in the economy. Those loveable economists who spend their days and nights compiling and estimating the size of our economic pie provide estimates of gross domestic product in both nominal dollars and real dollars.
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OLIGOPOLY A market structure characterized by a small number of large firms that dominate the market, selling either identical or differentiated products, with significant barriers to entry into the industry. This is one of four basic market structures. The other three are perfect competition, monopoly, and monopolistic competition. Oligopoly dominates the modern economic landscape, accounting for about half of all output produced in the economy. Oligopolistic industries are as diverse as they are widespread, ranging from breakfast cereal to cars, from computers to aircraft, from television broadcasting to pharmaceuticals, from petroleum to detergent.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club looking to buy either a hepa filter for your furnace or a wall poster commemorating next Thursday. Be on the lookout for gnomes hiding in cypress trees.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"The only profit center is the customer." -- Peter Drucker, educator
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GLS
Generalized Least Squares
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