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BENEFIT-COST RATIO: The benefit of an activity per dollar of cost. Benefit-cost ratios (or alternatively cost-benefit ratios) are frequently estimated for many forms of government spending, as well as a growing number of business investments. This technique was originally developed to determine if public investment projects, like dams, public parks, highways, etc., were worth doing. The logic is simple -- If benefits are greater than costs, then the project is worthwhile, if they are less, then it isn't.
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SAY'S LAW A principle of classical economics developed the French economist Jean-Baptiste Say that is commonly summarized as "supply creates its own demand." This law, also referred to as Say's "theory of markets" or "law of markets," indicates that the act of producing aggregate output generates a sufficient amount of aggregate income to purchase all of the output produced. This principle indicated that excess production or insufficient demand for production was unlikely to occur, at least for any extended period. When combined with flexible prices and saving-investment equality, Say's law further implied that an economy would achieve and maintain full employment of resources. This law was singled out by John Maynard Keynes in his critique of classical economics, but remains relevant in current macroeconomic analysis, reflected in the circular flow model.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for the last item on a shelf.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. Most men succeed because they are determined to. " -- George Allen, U.S. senator
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AIBD
Association of International Bond Dealers (now called International Securities Market Association)
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