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ASSUMPTIONS, KEYNESIAN ECONOMICS: The macroeconomic study of Keynesian economics relies on three key assumptions--rigid prices, effective demand, and savings-investment determinants. First, rigid or inflexible prices prevent some markets from achieving equilibrium in the short run. Second, effective demand means that consumption expenditures are based on actual income, not full employment or equilibrium income. Lastly, important savings and investment determinants include income, expectations, and other influences beyond the interest rate. These three assumptions imply that the economy can achieve a short-run equilibrium at less than full-employment production.

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AXIOM

A basic precondition or assumption underlying a theory. Axioms are basic, unverifiable world view assumptions--including personal beliefs, political views, and cultural values--that form the foundation of a theory.

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APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either super soft, super cuddly, stuffed animals or a large stuffed brown and white teddy bear. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?

Natural gas has no odor. The smell is added artificially so that leaks can be detected.
"One worthwhile task carried to a successful conclusion is worth half-a-hundred half-finished tasks. "

-- Malcolm S. Forbes, publisher

IRBNE
Income Received But Not Earned
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