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REAL: The value after adjusting for inflation. Pointy-headed economist are frequently interested in comparing stuff (production, income, or whatever) in one year with similar stuff in another year. However, in that inflation can distort such a comparison, it's best made using a fixed set of prices that eliminate inflationary changes. In practice, this is accomplished by using the prices in an arbitrary "base year." Once the price differences have been eliminated, the numbers are said to be measured in real dollars.

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Lesson 4: Production Possibilities | Unit 3: The Curve Page: 13 of 24

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  • How to construct a production possibilities curve using the numbers in a production possibilities schedule.
  • How to calculate the slope of a production possibilities curve and how that slope relates to opportunity cost.
  • How the law of increasing opportunity cost gives rise to the convex (bowed out) shape of the production possibilities curve.


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INDUCED IMPORTS

Imports from the foreign sector that depend on domestic income or production (especially national income and gross domestic product). That is, changes in income induce changes in imports. Induced imports are measured by the marginal propensity to import (MPM) and are reflected by a positive slope of imports line. Induced imports are the reason for induced net exports, generating a negatively sloped net exports line. Autonomous net exports are due to a combination of autonomous exports and autonomous imports.

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Today, you are likely to spend a great deal of time at a flea market trying to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for attractive cable television service repair people.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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