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NOMINAL GDP: The total market value, measured in current prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. The key is that nominal gross domestic product is measured in current, or actual prices; the prices buyers actually pay for goods and services purchased. Nominal gross domestic product is also termed current gross domestic product.
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PRICE DISCRIMINATION The act of selling the same good to different buyers for different prices that are not justified by different production costs. This is practiced by suppliers who have achieved some degree of market control, especially monopoly. Common examples of price discrimination are electricity rates, long-distance telephone charges, movie ticket prices, airplane ticket prices, and assorted child or senior citizen discounts. Price discrimination takes the form of one of three degrees: (1) first degree, in which each price is the maximum price that buyers are willing and able to pay, (2) second degree, in which price is based on the quantity sold, and (3) third degree, in which prices are based on an easily identifiable characteristic of the buyer.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for infected paper cuts.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Always vote for principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost. " -- John Quincy Adams, 6th US president
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ITO
International Trade Organization
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