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March 4, 2024 

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WHAT?: One of three basic questions of allocation (the other two are How? and For Whom?). Answering the 'What?' question of allocation determines the types and quantities of goods and services produced with society's limited resources. Should society produce hammocks or hot fudge sundaes? Computers or Cadillacs? Birdfeed or battleships? The production possibilities analysis sets the stage for answering the 'What?' question.

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GDP DEFLATOR: A price index based on the calculation of real gross domestic product that's used as an indicator of average prices in the economy. Those loveable economists who spend their days and nights compiling and estimating the size of our economic pie provide estimates of gross domestic product in both nominal dollars and real dollars.

     See also | GDP price deflator | price level | index | Consumer Price Index | real | nominal | real GDP | nominal GDP |


Recommended Citation:

GDP DEFLATOR, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: March 4, 2024].


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BALANCE OF TRADE

The difference between the value of goods and services exported out of a country and the value of goods and services imported into the country. The balance of trade is the official term for net exports that makes up the balance of payments. The balance of trade can be a "favorable" surplus (exports exceed imports) or an "unfavorable" deficit (imports exceed exports). The official balance of trade is separated into the balance of merchandise trade for tangible goods and the balance of services.

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[What's This?]

Today, you are likely to spend a great deal of time searching the newspaper want ads hoping to buy either a remote controlled train set or a genuine down-filled snow parka. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"I much prefer the sharpest criticism of a single intelligent man to the thoughtless approval of the masses."

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