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MACROECONOMIC POLICY: Government policy aimed at the aggregate economy, usually to promote the macro goals of full employment, stability, and growth. Common macroeconomic policies are fiscal and monetary.
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ASSUMPTIONS, PRODUCTION POSSIBILITIES The four key assumptions underlying production possibilities analysis are: (1) resources are used to produce one or both of only two goods, (2) the quantities of the resources do not change, (3) technology and production techniques do not change, and (4) resources are used in a technically efficient way.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for malfunctioning pocket calculators.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"The only profit center is the customer. " -- Peter Drucker, management consultant
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FIML
Full Information Maximum Likelihood
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