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THREE-SECTOR KEYNESIAN MODEL: A model used to identify equilibrium in Keynesian economics based on aggregate expenditures by the three domestic sectors (household, business, and government). Equilibrium is achieved at the intersection of the aggregate expenditures line, AE = C + I + G, and the 45-degree line, Y = AE. This is Keynesian aggregate expenditures model can be used to analyzed the impact of government fiscal policy on aggregate expenditures and equilibrium.
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PROPORTIONAL TAX A tax in which the proportion of income paid in taxes is the same for all income levels. A proportional income tax exists if ever taxpayer pays exactly the same tax rate relative to income regardless of income level. A proportional tax is one of three alternations. The other two are progressive tax, in which the proportion of income paid in taxes is greater for higher income levels, and regressive tax, in which the proportion of income paid in taxes is smaller for higher income levels.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials looking to buy either a birthday greeting card for your uncle or a T-shirt commemorating the 2000 Presidential election. Be on the lookout for telephone calls from long-lost relatives.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"Learning is not compulsory, but neither is survival. " -- W. Edwards Deming, management consultant
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FCLT
Functional Central Limit Theorem
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