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INCOME: Revenue earned or received by households that can be used for consumption or saving. For the aggregate economy, earned income is termed national income, while received income is termed personal income. The key is that income for the aggregate economy is generated in the production of goods and services.
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ABSOLUTE ADVANTAGE The general ability to produce more goods or services using fewer resources. A person or country has an absolute advantage in production largely due to superior technology or greater technical efficiency. A related, but contrasting concept is comparative advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store looking to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"Nothing great has ever been achieved except by those who dared believe that something inside them was superior to circumstances. " -- Bruce Barton, Advertising executive
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CPI
Consumer Price Index
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