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CLASSICAL ECONOMICS: A body of economic thought originating with the work of Adam Smith based on the idea that the operation of unrestricted markets generates aggregate or national production that fully utilizes the economy's resources and maintains full employment. The three primary assumptions of classical economics are flexible prices, Say's law, and the saving-investment equality.
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INTERCEPT, GOVERNMENT PURCHASES LINE The intercept of the government purchases line indicates autonomous government purchases, government purchases that do not depend on the level of income or production. This can be thought of as government purchases that the government sector undertakes regardless of the state of the economy. Autonomous government purchases are affected by the government purchases determinants, which cause a change in the intercept and a shift of the government purchases line.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time flipping through the yellow pages hoping to buy either a desktop calendar with all federal and state holidays highlighted or a half-dozen helium filled balloons. Be on the lookout for slow moving vehicles with darkened windows.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"It had long since come to my attention that people of accomplishment rarely sat back and let things happen to them. They went out and happened to things. " -- Elinor Smith, aviator
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Osaka Securities Exchange (Japan)
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