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August 21, 2019 

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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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LIMITED RESOURCES: Finite quantities of labor, capital, land, and entrepreneurship available to an economy for the production of goods and services. This is one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is unlimited wants and needs.

     See also | scarcity | resources | factors of production | labor | capital | land | entrepreneurship | unlimited wants and needs | goods | services | economic growth | investment | exploration | technology | human capital |


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LIMITED RESOURCES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: August 21, 2019].


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DATA

Observations or measurements that quantify or otherwise identify some aspect of the real world. Data are used to track economic performance, quantify economic characteristics, and test economic hypotheses. Data collection is often the most challenging part of undertaking an empirical analysis.

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Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
"Success is going from failure to failure without a loss of enthusiasm. "

-- Winston Churchill, British statesman

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