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FISCAL POLICY: Use of the federal government's powers of spending and taxation to stabilize the business cycle. If the economy is mired in a recession, then the appropriate fiscal policy is to increase spending or reduce taxes--termed expansionary policy. During periods of high inflation, the opposite actions are needed--contractionary policy. The consequences of fiscal policy are typically observed in terms of the federal deficit.
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MARGINAL RETURNS The change in the quantity of total product resulting from a unit change in a variable input, holding all other inputs fixed. Marginal returns is an older and more generic term for marginal product. While marginal product has largely replaced marginal returns in most discussions of short-run production, the phrase does persist in a few terms like the law of diminishing marginal returns.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either a handcrafted bird house or a weathervane with a chicken on top. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"Divide each difficulty into as many parts as is feasible and necessary to resolve it." -- Rene Descartes
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NAG
Net Annual Gain
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