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QUASI-RENT: The payment that is received by a resource of production activity over the opportunity cost in the short run. The notion of quasi-rent is similar to economic rent, or economic profit, which is payment or revenue received over opportunity cost. The key difference is that quasi-rent is a short-run phenomenon. While quasi-rent is "extra" payment received in the short run, such payment might be essential to keep the resource or production activity in the long run. An example is the quasi-rent received due to the patent on a technological innovation. In the short run, the revenue received can be considered as profit in excess of the opportunity cost of production. However, in the long run this extra revenue motivates innovators to develop new technology. Without quasi-rent the innovations would not occur.
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INJECTIONS-LEAKAGES MODEL A macroeconomic model that balances non-consumption expenditures on production (injections) and non-consumption uses of income (leakages) that is used to identify the equilibrium level of, and analyze disruptions to, aggregate production and income. The injections-leakages model is based on the principles of Keynesian economics and provides an alternative to the standard aggregate expenditures (Keynesian cross) analysis. The three injections included in the model are investment expenditures, government purchases, and exports. The three leakages included in the model are saving, taxes, and imports. Three variations are the two-sector injections-leakages model (or saving-investment model), three-sector injections-leakages model, and four-sector injections-leakages model.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a rechargeable flashlight or storage boxes for your computer software CDs. Be on the lookout for cardboard boxes.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"Wherever you go, no matter what the weather, always bring your own sunshine." -- Anthony J. D'Angelo
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FXA
Foreign Exchange Agreement
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