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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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SECOND-DEGREE PRICE DISCRIMINATION A form of price discrimination in which a seller charges different prices for different quantities of a good. This also goes by the name block pricing. Second-degree price discrimination is possible because decidedly different quantities are purchased by different types of buyers with different demand elasticities. This is one of three price discrimination degrees. The others are first-degree price discrimination and third-degree price discrimination.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"A man is not finished when he is defeated. He is finished when he quits. " -- President Richard Nixon
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