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SEVEN RULES: Seven key economic principles underlying the study of economics and the operation of the economy. These seven rules are: first -- scarcity, second -- subjectivity, third -- inequality, fourth -- competition, fifth -- imperfection, sixth -- ignorance, and seventh -- complexity.
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GOVERNMENT PURCHASES Expenditures made by the government sector on final goods and services, or gross domestic product. Government purchases are used to buy the goods and services needed to operate the government (such as administrative salaries) and to provide public goods (including national defense, highway construction). These purchases are one of two major categories of government spending, the other is transfer payments. Government purchases are financed by a mix of taxes and borrowing and are categorized by the three levels of government: federal, state, and local governments. These are one of four expenditures on gross domestic product. The other three are consumption expenditures, investment expenditures, and net exports.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either a looseleaf notebook binder or hand lotion, a big bottle of hand lotion. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"Nothing ever built arose to touch the skies unless some man dreamed that it should, some man believed that it could, and some man willed that it must. " -- Charles Kettering, inventor
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IEBNR
Income Earned But Not Received
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