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GOOD: When used without an adjective modifier (like "final" good or "intermediate" good), this generically means a physical, tangible product used to satisfy people's wants and needs . This term good should be contrasted with the term service, which captures the intangible satisfaction of wants and needs. As such, you will frequently see the plural combination of these two phrases together "goods and services" to indicate the wide assortment of economic goods produced using the economy's scarce resources. As you might imagine this general notion of wants and needs satisfying goods and services pops up throughout the study of economics.
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MACROECONOMIC GOALS Three conditions of the mixed economy that are most important for macroeconomics, including full employment, stability, and economic growth, that are generally desired by society and pursued by governments through economic policies.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for letters from the Internal Revenue Service.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"An idea is never given to you without you being given the power to make it reality." -- Richard Bach, Author
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AOQL
Average Outgoing Quality Limit
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