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REAL PRODUCTION: The market value of all production measured in constant prices, after adjusting for inflation. Real production is typically measured with real GDP.

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NORMATIVE ECONOMICS

The branch of economics that seeks to recommend the way the economy should operate. It is the policy side of economics that is based on individual preferences and cannot be proven either right or wrong. A normative economic statement cannot be refuted by looking at the real world--that is, by testing hypotheses.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time at a garage sale trying to buy either a package of 3 by 5 index cards, the ones without lines or a blue mechanical pencil. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"Be civil to all; sociable to many; familiar with few; friend to one; enemy to none. "

-- Benjamin Franklin, statesman

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