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LEAKAGE: A non-consumption uses of income, including saving, taxes, and imports. Leakages are combined with injections in the injection-leakage model used to identify equilibrium aggregate output in Keynesian economics. The notion of leakage is best viewed through the circular flow, in which saving, taxes, and imports are "leaked" out of the main flow between output, factor payments, national income, and consumption.
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CENTRAL BANK The banking authority of a nation that is charged of ensuring a sound money supply and conducting the country's monetary policy. It is usually officially authorized by, and works closely with, the other government policy makers to achieve full employment, low inflation rates, and economic growth. The Federal Reserve System is the central bank of the United States.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for fairy dust that tastes like salt.
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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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"The best way to cheer yourself up is to try to cheer somebody else up." -- Mark Twain
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EJ
Economic Journal
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