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ASSUMPTIONS, PRODUCTION POSSIBILITIES: Production possibilities analysis is based on four key assumptions: (1) resources are used to produce one or both of only two goods, (2) the quantities of the resources do not change, (3) technology and production techniques do not change, and (4) resources are used in a technically efficient way.
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RECESSIONARY GAP, KEYNESIAN MODEL The difference between equilibrium aggregate production achieved in the Keynesian model and full-employment aggregate production that occurs when equilibrium aggregate production is less than full-employment aggregate production. A recessionary gap, also termed a contractionary gap, is associated with a business-cycle contraction. The prescribed Keynesian remedy for a recessionary gap is expansionary fiscal policy. This is one of two alternative output gaps that can occur when equilibrium generates production that differs from full employment. The other is an inflationary gap.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale looking to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"Few things can help an individual more than to place responsibility on him, and to let him know that you trust him. " -- Booker T. Washington, educator
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TU
Total Utility
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