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DOMESTIC SECTOR: The combination of the households, businesses, and governments of a particular nation that undertake consumption and production activity within the political boundaries of that nation. The key point of contrast with the domestic sector is the foreign sector, activity beyond the political boundaries of a nation.
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FALLACY OF DIVISION The logical fallacy of arguing that what is true for the whole is also true for the parts. In the study of economics, this takes the form of assuming that what works for the aggregate, or macroeconomy, also works for parts of the economy, such as households or businesses. The contrasting fallacy is the fallacy of composition.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"The man who does not read good books has no advantage over the man who cannot read them. " -- Mark Twain
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GARP
Generalized Axioms of Revealed Preference
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