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WILLINGNESS TO PAY: The price or dollar amount that someone is willing to give up or pay to acquire a good or service. Willingness to pay is the source of the demand price of a good. However, unlike demand price, in which buyers are on the spot of actually giving up the payment, willingness to pay does not require an actual payment. This concept is important to benefit-cost analysis, welfare economics, and efficiency criteria, especially Kaldor-Hicks efficiency. A related concept is willingness to accept.
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GOVERNMENT PURCHASES Expenditures made by the government sector on final goods and services, or gross domestic product. Government purchases are used to buy the goods and services needed to operate the government (such as administrative salaries) and to provide public goods (including national defense, highway construction). These purchases are one of two major categories of government spending, the other is transfer payments. Government purchases are financed by a mix of taxes and borrowing and are categorized by the three levels of government: federal, state, and local governments. These are one of four expenditures on gross domestic product. The other three are consumption expenditures, investment expenditures, and net exports.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a flea market trying to buy either a how-to book on the art of negotiation or a flower arrangement for your aunt. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"Never let the fear of striking out get in your way. " -- Babe Ruth, baseball player
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SCF
Survey of Consumer Finances
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