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ECONOMIC GROWTH, SOURCES: Our economy achieves economic growth with increases in the quantity or quality of resources. The quantity part is relatively simple. If we get more resources, then we have the ability to produce more output. We can also improve resource quality, making existing resources more productive, primarily through education and technology.
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BALANCED-BUDGET MULTIPLIER A measure of the change in aggregate production caused by equal changes in government purchases and taxes. The balanced-budget multiplier is equal to one, meaning that the multiplier effect of a change in taxes offsets all but the initial production triggered by the change in government purchases. This multiplier is the combination of the expenditures multiplier, which measures the change in aggregate production caused by changes in an autonomous aggregate expenditure, and the tax multiplier which measures the change in aggregate production caused by changes in taxes.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for high interest rates.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. " -- B. C. Forbes, founder, Forbes magazine
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CRRA
Constant Relative Risk Aversion
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