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NOMINAL PRODUCTION: The market value of all production measured in current, actual prices. Nominal production is typically measured with nominal GDP.
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ECONOMIST A person who specializes in economics, especially through the study of economic theories and the accumulated body of economic knowledge. Economists spend their working lives at universities, colleges, government agencies, banks, insurance companies, and multinational corporations. They study economic events, analyze government policies, undertake scientific investigations, and of course pass along economic information to eager students and others seeking enlightenment.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"To understand a man, you must know his memories. The same is true of a nation." -- Anthony Quayle, Actor
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