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OMB: The abbrevation for Office of Management and Budget, which is an office within the Executive branch (specifically within the Office of the White House), that assists the President in various fiscal matters. Established in 1970, the Office of Management and Budget (OMB) is responsible for developing the President's annual budget request to Congress, managing the Executive Branch, and evaluating Federal government regulations. The OMB staff are appointed by the President, but unlike other appointments, they do not need Senate confirmation. The duty of preparing the fiscal budget, and what this means for fiscal policy, has made the director of the OMB one of the more influential economic positions in country, ranking just a notch below the Chairman of the Federal Reserve System's Board of Governors and the Chairman of the Council of Economic Advisors. The Congressional counterpart of the OMB is the Congressional Budget Office (CBO).
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AVERAGE REVENUE CURVE, MONOPOLISTIC COMPETITION A curve that graphically represents the relation between average revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a monopolistically competitive firm's output.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either a large flower pot shaped like a Greek urn or a small palm tree that will fit on your coffee table. Be on the lookout for strangers with large satchels of used undergarments.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Habit is a cable; we weave a thread of it each day, and at last we cannot break it. " -- Horace Mann, educator
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NSF
National Science Foundation
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