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INFLATION: A persistent increase in the average price level in the economy. Inflation occurs when the AVERAGE price level (that is, prices IN GENERAL) increases over time. This does NOT mean that ALL prices increase the same, nor that ALL prices necessarily increase. Some prices might increase a lot, others a little, and still other prices decrease or remain unchanged. Inflation results when the AVERAGE of these assorted prices follows an upward trend. Inflation is the most common phenomenon associated with the price level.
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LEAKAGES Non-consumption uses of aggregate income. The three uses of income grouped under the heading of leakages are saving, taxes, and imports. Leakages subtract from the core circular flow containing consumption, production, and income. The injections-leakages model is a Keynesian economics analysis that combines leakages with injections (investment expenditures, government purchases and exports) to identify the equilibrium level of aggregate production and income.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for telephone calls from long-lost relatives.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"Always dream and shoot higher than you know how to. Don't bother just to be better than your contemporaries or predecessors. Try to be better than yourself." -- William Faulkner, writer
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GDP
Gross Domestic Product
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