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March 25, 2017 

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NOMINAL PRODUCTION: The market value of all production measured in current, actual prices. Nominal production is typically measured with nominal GDP.

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EXTERNALITIES: Costs or benefits that are not included in the market price of a good because they are not included in the supply price or the demand price. Pollution is an example of an externality cost if producers aren't the ones who suffer from pollution damages. Education is an example of an externality benefit when members of society other than students benefit from a more educated population. Externality is one type of market failure that causes inefficiency.

     See also | opportunity cost | market | supply price | demand price | market failure | efficiency | pollution | materials balance | good types | Pigouvian tax | Coase theorem |


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EXTERNALITIES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2017. [Accessed: March 25, 2017].


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DIVISION OF LABOR

A basic economic notion that labor resources are used more efficiently if work tasks are divided among different workers. This allows workers to specialize in production as each becomes highly skilled at specific tasks.

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APLS

State of the ECONOMY

e-commerce sales
3rd Quarter 2016
$101.3 billion
Up 4.0% from 2nd Quarter 2016 US Census Bureau

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WHITE GULLIBON
[What's This?]

Today, you are likely to spend a great deal of time searching for rummage sales wanting to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?

A half gallon milk jug holds about $50 in pennies.
"Success is the ability to go from one failure to another with no loss of enthusiasm."

-- Sir Winston Churchill

RBC
Real Business Cycle
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