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INCOME-PRICE MODEL: An economic model relating the price level (the price part) and real production (the income part) that is used to analyze business cycles, aggregate production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The income-price model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).
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BROWN PRAGMATOX
Your compete MICRO*scope for today
You are the type of person who leans toward the frugal end of the spending spectrum, the extremely frugal end. Family and friends have given up asking you out for lunch because you never pick up the check. Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for high interest rates. You should consider shopping at stores or businesses beginning with the letter B, but do not buy any products with a serial number or product code containing the number 565754. Your preferred shopping venue is thrift stores. Your special symbol is the comma (,).
Is this You?
As a Brown Pragmatox, you are down-to-earth and practical. You are hard working and industrious. You are frugal to the point that you might even refrain from making a purchase that you really, really need. Doing so often causes problems down the road. You definitely go with function over form and substance over style.
This isn't me! What am I?
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BARTER ECONOMY An economy that trades goods and services predominately using barter exchanges rather than money. Barter economies predated the invention of money, emerging out the early stage of self-sufficiency before giving way to the use of commodity money. However, barter economies occasionally surface in modern times, especially when the public loses confidence in the monetary unit during a government crises or a period of hyperinflation.
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Fighting Business Cycles With STABILIZATION POLICIESAs you may recall, the twins, Donna the Democrat and Rhonda the Republican, seldom agree on anything involving politics, economics, fashion, or flower arrangements. Their imminent entry into the Interstate OmniBank can only mean trouble. Donna, in her official capacity as economic advisor to the President of the quaint and courteous Republic of Northwest Queoldiola, is attempting to enter Interstate OmniBank anxious to borrow enough to finance the Queoldiolan government deficit. Rhonda, as the head of the central bank of the Republic of Northwest Queoldiola, is making every effort to stop her. The source of this particular confrontation between the twins is apparently the best way to eliminate a year-long recession that has struck the quaint and courteous Republic of Northwest Queoldiola.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"Nothing is a waste of time if you use the experience wisely. " -- Auguste Rodin, Sculptor
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FOMC
Federal Open Market Committee
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