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IMPLICIT PRICE DEFLATOR: A price index calculated as the ratio nominal gross domestic product to real gross domestic product. Also commonly referred to as the GDP price deflator, the implicit price deflator is used as an indicator of the economy's average price level. This price index is tabulated and reported every three months along with the gross domestic product, national income, and related measures that make up the National Income and Product Accounts maintained by the Bureau of Economic Analysis (BEA).
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GOOD TYPES The economy produces four distinct types of goods based on two key characteristics -- consumption rivalry and nonpayer excludability. Consumption rivalry arises if consumption of a good by one person prevents another from also consuming. Nonpayer excludability means potential consumers who do not pay for a good can be excluded from consuming. Private goods are rival in consumption and easily subject to the exclusion of nonpayers. Public goods are nonrival in consumption and the exclusion of nonpayers is virtually impossible. Near-public goods are nonrival in consumption and easily subject to exclusion. Common-property goods are rival in consumption and not easily subject to exclusion. Private goods can be efficiently exchanged through markets. Public, near-public and common-property goods cannot, but require some degree of government involvement for efficiency.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall looking to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for malfunctioning pocket calculators.
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The average length of a "business lunch" is about 36 minutes.
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"Intense concentration hour after hour can bring out resources in people they didn't know they had. " -- Edwin Land, inventor, entrepreneur
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LBO
Leveraged Buyout
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