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INTERCEPT, GOVERNMENT PURCHASES LINE: The intercept of the government purchases line indicates autonomous government purchases, government purchases that do not depend on the level of income or production. This can be thought of as government purchases that the government sector undertakes regardless of the state of the economy. Autonomous government purchases are affected by the government purchases determinants, which cause a change in the intercept and a shift of the government purchases line.
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OPPORTUNITY COST The highest valued alternative foregone in the pursuit of an activity. Opportunity cost is a one of the most fundamental concepts used in the study of economics. An opportunity cost can be either explicit, usually involving a monetary payment, or implicit, which does not involve a transaction. Opportunity cost is also commonly termed economic cost.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"My philosophy of life is that if we make up our mind what we are going to make of our lives, then work hard toward that goal, we never lose - somehow we win out." -- President Ronald Reagan
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JEL
Journal of Economic Literature
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