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KEYNESIAN MODEL: A macroeconomic model based on the principles of Keynesian economics that is used to identify the equilibrium level of, and analyze disruptions to, aggregate production and income. This model identifies equilibrium aggregate production and income as the intersection of the aggregate expenditures line and the 45-degree line. The Keynesian model comes in three basic variations designated by the number of macroeconomic sectors included--two-sector, three-sector, and four sector. The Keynesian model is also commonly presented in the form of injections and leakages in addition to the standard aggregate expenditures format. This model is used to analyze several important topics and issues, including multipliers, business cycles, fiscal policy, and monetary policy.
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INDETERMINANT The directional change in a variable, resulting from the disruption of an equilibrium that is identified using comparative statics, is not known. This term is commonly used to indicate that the change in either price or quantity is unknown when the market experiences simultaneous shifts in both the demand and supply curves. For example, an increase in both demand and supply definitely cause an increase in the quantity exchanged. But whether the market price increases or decreases is indeterminant.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for strangers with large satchels of used undergarments.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Success is going from failure to failure without a loss of enthusiasm. " -- Winston Churchill, British statesman
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RGDP
Real Gross Domestic Product
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