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DEFLATION: An extended decline in the average level of prices. This is the exact opposite of inflation--in which prices are rising over an extended period, and it should be contrasted with disinflation--which is a decline in the inflation rate. Like inflation, deflation occurs when the AVERAGE price level decreases over time. While some prices might decrease, other prices could increase or remain unchanged, so long as the AVERAGE follows a downward trend. Deflation is a rare bird indeed in our economy and typically happens only when we're in a prolonged period of stagnation. We might see some deflation during a fairly lengthy recession, but more than likely deflation saves itself for the occasional depression that dots our economic landscape.
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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP
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Page: 6 of 25
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Measuring GDP in the U.S. economy uses data involving $8 trillion of production, 270 million consumers, hundreds of thousands of businesses, and a huge number of market transactions.- The circle on the left represents all current economic production in the economy. This is what GDP seeks to measure.
- But GDP can not measure this directly. Information for measuring GDP comes from market transactions.
- The circle on the right represents all market transactions.
- Much of the economic production circle overlaps the market transaction circle. But each circle has a slice not contained in the other.
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NOBEL PRIZE IN ECONOMIC SCIENCES An award given annually since 1969 to an economist or scholar in recognition of a major contribution to the study of economics. It was established by the Bank of Sweden and is annually awarded by the Royal Swedish Academy of Sciences in Stockholm. The official name of the award is The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. It is the only Nobel Prize awarded for a social science. The first Nobel Prize in Economic Sciences was awarded in 1969 to Ragnar Frisch and Jan Tinbergen.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either a case for your designer sunglasses or arch supports for your shoes. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
Your Complete Scope
This isn't me! What am I?
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"Enthusiasm is the greatest asset in the world. It beats money and power and influence. It is no more or less than faith in action. " -- Henry Chester, Writer
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SDR
Special Drawing Right
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