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COMPOUND INTEREST: Interest that's added to a principal at regular intervals such that each subsequent interest calculation is based on the original principal and the added interest. For example, suppose you have a $100 savings account that pays 5 percent interest. Without compound interest, such that your 5 percent interest is paid only at the end of a year, you will have exactly $105 in one year. However, if your interest is compounded each month you end up with $105.12 after a year. The extra 12 cents comes from interest on the interest paid the first month, interest on the interest paid the second month, interest on the interest paid the third month... well I could go on.
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RECOGNITION LAG The time lag that it takes to identify and document the existence of an economic problem that might require government action. The recognition lag arises because it takes time to collect and analyze economic data; to verify that an actual problem exists. This "inside lag" is one of four policy lags associated with monetary and fiscal policy. The other two "inside lags" are decision lag and implementation lag, and one "outside lag" is implementation lag. All four policy lags can reduce the effectiveness of business-cycle stabilization policies and can even destabilize the economy.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a flea market wanting to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for letters from the Internal Revenue Service.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"There are no shortcuts to any place worth going. " -- Beverly Sills, Opera singer
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