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POTENTIAL GROSS DOMESTIC PRODUCT: The total output that the economy could produce if resources were at full employment. If the economy is at full employment (a 5 percent unemployment rate) then actual gross domestic product is equal to potential gross domestic product. Of course, if the unemployment rate is greater than 5 percent, then actual production is less potential production. By calculating potential gross domestic product, we can figure out exactly how far below this potential we are. This information then can be used by the pointy-headed government economists to recommend appropriate monetary or fiscal policies.
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GAME THEORY An analysis that illustrates how the choices between two players affect the outcomes of a "game." Game theory is commonly used to explain the behavior and decision making of oligopolistic firms. It illustrates that cooperation, rather competition, between two "players" can lead to an outcome that is more beneficial to both players.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either a large stuffed brown and white teddy bear or a replacement washer for your kitchen faucet. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"My motto was always to keep swinging. Whether I was in a slump or feeling badly or having trouble off the field, the only thing to do was keep swinging. " -- Hank Aaron, baseball player
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LTT
Long-Term Trend
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