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LOCAL OUTPUT: An output that has a relatively small geographic market area due to the high cost of transportation. The high transportation cost means it is easier (that is, less expensive) to locate consumers near the output rather than trying to bring the output to the consumers. Like many things, local outputs are a matter of degree. At the other end of the spectrum lies transferrable outputs. Services, such as legal advice, health care, and entertainment, that are consumed as they are produced, tend to have a great deal of local orientation.
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DERIVATION, SAVING LINE A saving line, a graphical depiction of the relation between household sector saving and income, can be derived from the consumption line. The saving line can also be derived by plotting the saving-income information from a saving schedule or using the slope and intercept values of the saving function. However, derivation from the consumption line emphasis the connection between consumption and income--that the household sector uses a portion of income for consumption and a portion for saving.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for high interest rates.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Nothing is a waste of time if you use the experience wisely. " -- Auguste Rodin, Sculptor
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