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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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PRINCIPLE OF MEDIAN LOCATION: A basic principle of location theory stating that an activity will select the median or middle point of location when selling an output to, or buying an input from, activities located a disperse points. In particular, this analysis indicates that the activity will locate at the median point, with an equal number of attraction points in any direction, rather than the arithmetic average of the distances to all points. The analysis imposes several restrictive assumptions, including a trip to each location, the same transit cost per mile to each location, the same quantity of output sold to, or input purchased from, each location. The principle of median voter is a similar principle that has been developed in the public choice study of voting behavior. See also | location theory | competition along a line | spatial | space | accessibility | dispersive force | attractive force | public choice |
Recommended Citation:PRINCIPLE OF MEDIAN LOCATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 2, 2025].
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SECOND-DEGREE PRICE DISCRIMINATION A form of price discrimination in which a seller charges different prices for different quantities of a good. This also goes by the name block pricing. Second-degree price discrimination is possible because decidedly different quantities are purchased by different types of buyers with different demand elasticities. This is one of three price discrimination degrees. The others are first-degree price discrimination and third-degree price discrimination.
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a rechargeable battery for your camera or a coffee cup commemorating the first day of spring. Be on the lookout for telephone calls from long-lost relatives.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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"always remember an epitaph which is in the cemetery at Tombstone, Arizona. It says: „Here lies Jack Williams. He done his damnedest.¾ I think that is the greatest epitaph a man can have ‚ When he gives everything that is in him to do the job he has before him. That is all you can ask of him and that is what I have tried to do. " -- Harry Truman, 33rd US president
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Walrasian Equilibrium
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