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INCOME EFFECT: One of two reasons for the law of demand and the negative slope of the market demand curve (the other is the substitution effect). The income effect results because a change in price gives buyers more real income, or the purchasing power of the income, even though money or nominal income remains the same. This causes changes in the quantity demanded of the good.
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NOMINAL GROSS DOMESTIC PRODUCT 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 that buyers actually pay for goods and services purchased. Nominal gross domestic product is also termed current gross domestic product. A contrasting measure is real gross domestic product, which adjusts for inflation by measuring production at constant prices.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"Success is the child of audacity. " -- Benjamin Disraeli, British statesman
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IIPF
International Institute of Public Finance
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