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DERIVATION, PRODUCTION POSSIBILITIES CURVE: A production possibilities curve, which illustrates the alternative combinations of two goods that an economy can produce with given resources and technology, is often derived from a production possibilities schedule. This derivation involves plotting each bundle from the production possibilities schedule as a point in a diagram measuring the two goods on the vertical and horizontal axes.

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NOMINAL: The actual dollar price of stuff when it's bought or sold. The contrast is with the term real, which is actual value adjusted for price changes or inflation.

     See also | real | inflation | nominal wage | nominal gross domestic product |


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PARADOX OF THRIFT

The notion that an increase in saving, which is generally good advice for an individual during bad economic times, can actually worsen the macroeconomy causing a reduction in aggregate income, production, and paradoxically a decrease in saving. The paradox of thrift is an example of the fallacy of composition stating that what is true for the part is not necessarily true for the whole.

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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway trying to buy either a birthday greeting card for your uncle or a T-shirt commemorating the 2000 Presidential election. Be on the lookout for the happiest person in the room.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"Be kind and merciful. Let no one ever come to you without coming away better and happier."

-- Mother Teresa of Calcutta, humanitarian

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