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THREE-SECTOR KEYNESIAN MODEL: A model used to identify equilibrium in Keynesian economics based on aggregate expenditures by the three domestic sectors (household, business, and government). Equilibrium is achieved at the intersection of the aggregate expenditures line, AE = C + I + G, and the 45-degree line, Y = AE. This is Keynesian aggregate expenditures model can be used to analyzed the impact of government fiscal policy on aggregate expenditures and equilibrium.
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PRIVATE GOODS Goods characterized by rival consumption and the ability to exclude nonpayers. Private goods are one of four types of goods differentiated by consumption rivalry and nonpayer excludability. The other three goods are public (nonrival consumption and nonpayers cannot be excluded), common-property (rival consumption and nonpayers cannot be excluded), and near-public (nonrival consumption and nonpayers can be excluded). Rival consumption and the ease of excluding of nonpayers means private goods can be efficiently exchanged through markets.
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BROWN PRAGMATOX [What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for broken fingernail clippers. Your Complete Scope
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Argue for your limitations, and sure enough, they're yours." -- Richard Bach
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CRRA Constant Relative Risk Aversion
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