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RESOURCE ALLOCATION: The process of dividing up and distributing available, limited resources to competing, alternative uses that satisfy unlimited wants and needs. Given that world is rampant with scarcity (unlimited wants and needs, but limited resources), every want and need cannot be satisfied with available resources. Choices have to be made. Some wants and needs are satisfied, some are not. These choices, these decisions are the resource allocation process. An efficient resource allocation exists if society has achieved the highest possible level of satisfaction of wants and needs from the available resources AND resources can not be allocated differently to achieve any greater satisfaction.
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ASSUMPTIONS, KEYNESIAN ECONOMICS The macroeconomic study of Keynesian economics relies on three key assumptions--rigid prices, effective demand, and savings-investment determinants. First, rigid or inflexible prices prevent some markets from achieving equilibrium in the short run. Second, effective demand means that consumption expenditures are based on actual income, not full employment or equilibrium income. Lastly, important savings and investment determinants include income, expectations, and other influences beyond the interest rate. These three assumptions imply that the economy can achieve a short-run equilibrium at less than full-employment production.
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Fact 5: Our Necessary EvilIt's time to give up our attempts to enter the Merciless Monolithic Media Masters Cable Television Company, Inc. office and take care of other pressing business -- taxes. The next stop on our excursion through the economy is the Shady Valley City Hall, where we need to momentarily, and begrudgingly, pause so that I may pay my semi-annual property tax bill. This is the least enjoyable stop -- at least for me -- on our journey. Grumble. Grumble. Grumble. Of course I hate to pay taxes! But, then again, who doesn't? Taxes are one of those annoying and evil necessities of life that simply can't be avoided. Or can they? Do we have to pay taxes? A quick visit to a bookstore will produce dozens of books telling you how to avoid taxes by investing here or buying this or doing that. Better yet, if we could rid ourselves of the inefficient, bloated, incompetent, do-nothing government, then you and I wouldn't have to pay taxes. Right? We could use our hard-earned income to buy stuff that we want, rather than letting the inefficient, bloated, incompetent, do-nothing government spend it on stuff that we don't want, don't know anything about, and will never need. Right?
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires." -- William Ward ‚ Texas Wesleyan University Administrator
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GLS
Generalized Least Squares
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