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June 23, 2017 

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IMPLICIT PRICE DEFLATOR: A price index calculated as the ratio nominal gross domestic product to real gross domestic product. Also commonly referred to as the GDP price deflator, the implicit price deflator is used as an indicator of the economy's average price level. This price index is tabulated and reported every three months along with the gross domestic product, national income, and related measures that make up the National Income and Product Accounts maintained by the Bureau of Economic Analysis (BEA).

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PRICE FLOOR: A legally established minimum price. Pressured by special interest groups, our beloved government is often convinced that the price of a good needs to be kept at a higher level. Examples of goods that have had price floors bestowed upon them include farm products and workers. The argument in both of these examples is that suppliers aren't getting enough income for the stuff they sell (food or labor). A higher price is then expected to generate more income to these deserving souls. Unfortunately, price floors tend to create as many or more problems than they solve. They create inefficient surpluses.

     See also | market | price | regulation | surplus | minimum wage | price ceiling | minimum wage |


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PRICE FLOOR, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2017. [Accessed: June 23, 2017].


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IMPLEMENTATION LAG

The time lag that occurs after a government policy designed to correct an economic problem has been selected and the actual execution of the policy. The implementation lag is based the time it takes for government agencies, which can be slow and methodical, to carry out the designated policy. This "inside lag" is one of four policy lags associated with monetary and fiscal policy. The other two "inside lags" are recognition lag and decision lag, and one "outside lag" is implementation lag. All four policy lags can reduce the effectiveness of business-cycle stabilization policies and can even destabilize the economy.

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