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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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SELF CORRECTION, RECESSIONARY GAP

The automatic process in which the aggregate market eliminates a recessionary gap created by a short-run equilibrium that is less than full employment through decreases in wages (and other resource prices). The self-correction mechanism is triggered by short-run resource market imbalances that are closed by long-run price flexibility. The self-correction process of the aggregate market also acts to close an inflationary gap with higher wages (and other resource prices).

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?

A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"The will to win is important, but the will to prepare is vital. "

-- Joe Paterno, football coach

FED
Federal Reserve
A PEDestrian's Guide
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