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K: The standard abbreviation for the quantity of capital goods, especially for the analysis of production. The letter "K" is used even though capital begins with a "C" because "C" is commonly used to represent consumption. The complementary representations for other inputs are "L" for labor and "N" for population.

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PRICE LEVEL

The average of the prices of goods and services produced in the aggregate economy. In a theoretical sense, the price level is the price of aggregate production. In a practical sense, the price level is commonly measured by either of two price indexes, the Consumer Price Index (CPI) or the GDP price deflator. The CPI is the price index widely publicized in the media and used by the general public. The GDP price deflator, in contrast, is less well-known, but is usually the price index of choice among economists. The inflation rate is calculated as the percentage change in the price level.

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ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either storage boxes for your family photos or a large, stuffed giraffe. Be on the lookout for cardboard boxes.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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Journal of Econometrics
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