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NOMINAL: The actual dollar price of stuff when it's bought or sold. The contrast is with the term real, which is actual value adjusted for price changes or inflation.

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ALLOCATIVE EFFICIENCY

Obtaining the most consumer satisfaction from available resources. In other words, resources are allocated in such a way that consumer satisfaction is at its highest possible level. This is also termed either efficiency or economic efficiency.

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Today, you are likely to spend a great deal of time watching the shopping channel wanting to buy either a stretchable, flexible watch band or high-gloss photo paper that works with your printer. Be on the lookout for pencil sharpeners with an attitude.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
"I have no expectation of making a hit every time I come to bat. What I seek is the highest possible batting average."

-- President Franklin Delano Roosevelt

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