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ECONOMIC THINKING: A way of looking at, and analyzing, the way the world works by comparing the costs of an action with the benefits generated. Economic thinking arises from scarcity, which exists because wants and needs and unlimited but resources are limited. This means virtually all actions incur an opportunity cost. Identifying the cost of an action, no matter how hidden or subtle it may be, is the essence of economic thinking.
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INTEREST RATES, AGGREGATE DEMAND DETERMINANT One of several specific aggregate demand determinants assumed constant when the aggregate demand curve is constructed, and that shifts the aggregate demand curve when it changes. An increase in interest rates cause a decrease (leftward shift) of the aggregate curve. A decrease in interest rates an increase (rightward shift) of the aggregate curve. Other notable aggregate demand determinants include the federal deficit, inflationary expectations, and the money supply.
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John Maynard Keynes was born the same year Karl Marx died.
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"Executives who get there and stay suggest solutions when they present the problems. " -- Malcolm Forbes, business executive
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AASB
American Assocation of Small Business
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