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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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UTIL A hypothetical unit of measurement of utility that is commonly used by economists to present hypothetical information about utility and consumer demand theory. The util measurement unit was developed as a convenient way to illustrate and discuss concepts such as total utility, marginal utility, and the law of diminishing marginal utility. However, because utility is not a measurable characteristic, the util does represent an actual unit of measurement, such as inches or pounds.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"Enthusiasm is the greatest asset in the world. It beats money and power and influence. It is no more or less than faith in action. " -- Henry Chester, Writer
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IGARCH
Integrated Generalized Autoregressive Conditional Heteroskedasticity
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