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ACCELERATOR: The ratio between investment expenditures and the change in gross domestic product. This is based on the notion that business investment depends on the rate of growth of aggregate output. If the economy is expanding, in other words, then the business sector invests in more capital goods to produce the extra output needed. This accelerator effect modifies and magnifies the simply multiplier effect based on the induced consumption and the marginal propensity to consume.
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SERVICE Activities that provide direct satisfaction of wants and needs without the production of tangible products or goods. Like the related term good, a service is produced using society's resources and represents a fundamental aspect of the economy. Limited resources are used to produce the services that satisfy unlimited wants and needs in an ongoing effort to address the problem of scarcity.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway trying to buy either a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or decorative garden figurines. Be on the lookout for infected paper cuts.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"The secret of a good memory is attention, and attention to a subject depends upon our interest in it. We rarely forget that which has made a deep impression on our minds. " -- Tyron Edwards, theologian
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MR
Marginal Revenue
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