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IMPORTS LINE: A graphical depiction of the relation between imports bought from the foreign sector and the domestic economy's aggregate level of income or production. This relation is most important for deriving the net exports line, which plays a minor, but growing role in the study of Keynesian economics. An imports line is characterized by vertical intercept, which indicates autonomous imports, and slope, which is the marginal propensity to import and indicates induced imports. The aggregate expenditures line used in Keynesian economics is derived by adding or stacking the net exports line, derived as the difference between the exports line and imports line, onto the consumption line, after adding investment expenditures and government purchases.
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ECONOMICS A social science that studies the allocation of limited resources used to produce the goods and services that satisfy unlimited consumer wants and needs. Economics is one of several social sciences (others are sociology, political science, and anthropology) which applies the scientific method to human behavior. The distinguishing feature of economics is a concern with the fundamental problem of scarcity--unlimited wants and needs and limited resources. Economics is commonly divided into two branches--macroeconomics and microeconomics.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for cardboard boxes.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Difficulties mastered are opportunities won. " -- Winston Churchill, Statesman
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GSP
Gross State Product, Generalized System of Preferences
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