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SCARCITY: A pervasive condition of human existence that exists because society has unlimited wants and needs, but limited resources used for their satisfaction. In other words, while we all want a bunch of stuff, we can't have everything that we want. In slightly different words, this scarcity problem means: (1) that there's never enough resources to produce everything that everyone would like produced; (2) that some people will have to do without some of the stuff that they want or need; (3) that doing one thing, producing one good, performing one activity, forces society to give up something else; and (4) that the same resources can not be used to produce two different goods at the same time. We live in a big, bad world of scarcity. This big, bad world of scarcity is what the study of economics is all about. That's why we usually subtitle scarcity: THE ECONOMIC PROBLEM.
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SLOPE, INVESTMENT LINE The positive slope of the investment line is also termed the marginal propensity to invest (MPI). This slope is greater than zero but less than one, reflecting induced investment. The slope of the investment line affects the slope of the aggregate expenditures line and thus also affects the magnitude of the multiplier process.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either yellow cotton balls or a set of steel-belted radial snow tires. Be on the lookout for pencil sharpeners with an attitude.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"All things are difficult before they are easy." -- Thomas Fuller, Physician
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AOQ
Average Outgoing Quality
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