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INEFFICIENCY: When the economy is NOT obtaining the highest level of consumer satisfaction from the available resources. Inefficiency occurs if it is possible to reallocate resources in a way that would generate greater satisfaction.
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INDUCED SAVING Household saving that depends on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income induce changes in saving. Induced saving reflects the fundamental psychological law put forth by John Maynard Keynes. It is measured by the marginal propensity to save (MPS) and is reflected by the positive slope of saving line. The alternative to induced saving is autonomous saving, which does not depend on income.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a how-to book on building remote controlled airplanes or an extra large beach blanket. Be on the lookout for broken fingernail clippers.
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This isn't me! What am I?
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Always make a total effort, even when the odds are against you." -- Arnold Palmer
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VAR
Vector Autoregression
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