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BUDGET DEFICIT: An excess of budgetary expenditures over revenues. The federal government is well known for its inclination to operate with a budget deficit. But it is not alone. Consumers also find themselves in this position on many occasions. When a budget deficit occurs, the excess spending is financed through borrowing. For the federal government this involves issuing government securities. For households it typically involves some sort of bank loan, credit card purchase, use of savings (borrowing from thyself), or hitting a friend up for a few bucks.
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LAW OF INCREASING OPPORTUNITY COST The proposition that opportunity cost, the value of foregone production, increases as the quantity of a good produced increases. This fundamental economic principles can be seen in the production possibilities schedule and is illustrated graphically through the slope of the production possibilities curve. It generates a distinctive convex shape, flat at the top and steep at the bottom.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a microwave over that won't burn your popcorn or a T-shirt commemorating the first day of winter. Be on the lookout for jovial bank tellers.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"The more you praise and celebrate your life, the more there is in life to celebrate." -- Oprah Winfrey
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MAR
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