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SLOPE, PRODUCTION POSSIBILITIES CURVE: The numerical value of the slope of the production possibilities curve is the opportunity cost of producing the good measured on the horizontal axis.

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PRINCIPLE: A generally accepted, verified, fundamental law of nature. Principles have been tested and verified through the scientific method. As a house is constructed from concrete, lumber, and nails, a theory is constructed from principles. To be a fundamental law of nature, a principle must capture a cause-and-effect relationship about the workings of the world. One example might be something like, "people seek the greatest benefit at the lowest cost." The scientific method is essentially the process of building theories by identifying and verifying these fundamental laws of nature.

     See also | law | scientific method | science | hypothesis | theory | verification | law of increasing opportunity cost | law of demand | law of supply | law of diminishing marginal utility | law of diminishing marginal returns |


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GDP PRICE DEFLATOR

A price index calculated as the ratio nominal gross domestic product to real gross domestic product. Also commonly referred to as the implicit price deflator, the GDP 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). The GDP part of GDP price deflator stands for gross domestic product.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either a replacement washer for your kitchen faucet or a stretchable, flexible watch band. Be on the lookout for attractive cable television service repair people.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"There is at least one point in the history of any company when you have to change dramatically to rise to the next level of performance. Miss that moment, and you start to decline. "

-- Andy Grove, Intel Corp. chairman

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