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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). If you haven't guessed already, the GDP part of GDP price deflator stands for gross domestic product.
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 Lesson 11: Elasticity Basics | Unit 3: Measurement Page: 12 of 25

 Topic: The Coefficient <=PAGE BACK | PAGE NEXT=>

• The number produced from this measurement is termed the coefficient of elasticity, or when fewer words are needed the elasticity coefficient.

• The coefficient of elasticity is a numerical measure of the relative response of one variable to changes in another variable.
• Here's a general formula for calculating the elasticity coefficient.

 elasticitycoefficient = percentage change in quantitypercentage change in price

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ACCOUNTING PROFIT

The difference between the revenue received by a firm and the explicit accounting cost incurred. This is the profit listed on a firm's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. While accounting profit is the "standard" designation of profit used in the business world, economists prefer to use economic profit

 BLACK DISMALAPOD[What's This?] Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for strangers with large satchels of used undergarments.Your Complete Scope
 The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
 "If we all did the things we are capable of doing, we would literally astound ourselves."-- Thomas Edison
 FITWFederal Income Tax Witholding
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