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MARKET TRANSACTION: The exchange of goods and services through a market. The set of market transactions taking place in the economy is most important in terms of measuring gross domestic product (GDP). Market transactions provide the basic data used by number crunchers at the Bureau of Economic Analysis to begin the estimation of GDP. However, these number crunchers don't just want to measure market transactions, their goal is to measure economic production. As such, they eliminate some market transactions that do not involve economic production, then add economic production that do not involve market transactions.
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UNEMPLOYMENT RATE, MEASUREMENT PROBLEMS The official unemployment rate, which measures the proportion of the civilian labor force 16 years or older that is not engaged in productive activities but is actively seeking employment, might be either overstated or understated due to discouraged workers, part-time workers, and unreported legal or illegal employment. Taken together, these measurement problems suggest that the official unemployment rate is likely understated during business-cycle contraction and overstated during business-cycle expansions.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials seeking to buy either a computer that can play music and burn CDs or a T-shirt commemorating last Friday (you know why). Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"The human race has only one really effective weapon and that is laughter." -- Mark Twain
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QML
Quasi-Maximum Likelihood
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