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BALANCED BUDGET: An equality between the revenues and expenditures that constitute a budget. The notion of a budget is most important for governments, where revenues are taxes and expenditures are assorted public goods, administrative expenses, etc. While the federal government has been notorious for its failure to maintain a balanced budget, except for periods of unexpected prosperity, many state and local governments are very good at this sort of thing.
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UNCERTAINTY The observation and recognition that information, especially information about the future, is not known. While any number of events might occur in the future, uncertainty exists because which specific events will occur is unknown. A related concept is risk, which is assigning probabilities to potential future outcomes. Uncertainty is a central component in the economic study of information.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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"God grants victory to perseverance. " -- Simon Bolivar, South American liberator
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ALAC
Latin American Free Trade Area
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