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March 29, 2024 

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X-INEFFICIENCY: Cost that is higher than it needs to be because a firm is operating inefficiently. This is most often seen for firms that have a great deal of market control, especially monopoly. The lack of competition allows a business to pad it's expenses, hire unneeded employees (like relatives), goof off instead of working, and all sorts of other things that lessen production and increase cost. The business is not penalized for these actions, because market control allows the company to extract whatever price is needed to cover cost.

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CONSUMER PRICE INDEX: An index of prices of goods and services typically purchased by urban consumers. The Consumer Price Index, commonly known by its abbreviation, CPI, is compiled and published monthly by the Bureau of Labor Statistics (BLS), using price data obtained from an elaborate survey of 25,000 retail outlets and quantity data generated by the Consumer Expenditures Survey. The CPI is unquestionably one of the most widely recognized macroeconomic price indexes, running second only to the Dow Jones averages in the price index popularity contest. It is used not only as an indicator of the price level and inflation, but also to convert nominal economic indicators to real terms and to adjust wage and income payments (such as Social Security) for inflation.

     See also | price level | index | consumer | Bureau of Labor Statistics | inflation | nominal | real | wage | income | Social Security | GDP price deflator | Producer Price Index | Consumer Price Index for All Urban Consumers | Consumer Price Index for Urban Wage Earners and Clerical Workers |


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CONSUMER PRICE INDEX, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: March 29, 2024].


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REFERENCE WEEK, CURRENT POPULATION SURVEY

The calendar week (Sunday through Saturday) containing the 12th day of the month, which is used in the Current Population Survey (CPS) as the time period for documenting the employment and labor force status of respondents. The estimation of the unemployment rate and other employment information generated by the CPS are based on activities of survey respondents during this week. The actual survey is conducted by interviewers working for the Bureau of the Census during the calendar week containing the 19th day, which is termed the survey week.

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