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SEVENTH RULE OF COMPLEXITY: The seventh of seven basic rules of the economy. It is the observation that the world is complex, that every action has direct and often intended consequences and indirect and probably unintended effects (that is, cause and effect). A few of the more noted illustrations of this seventh rule are the circular flow (especially the expenditure multiplier) and market failures (especially externalities).
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SCARCITY A pervasive condition of human existence that results because society has unlimited wants and needs, but limited resources used for their satisfaction. This fundamental condition is the common thread that binds all of the topics studied in economics.
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for a thesaurus filled with typos.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"He who has begun has half done. Dare to be wise ‚ begin! " -- Horace, poet, satirist
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NIFO
Next In First Out
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