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MAJORITY RULE: A voting rule in which decisions are made based on the majority of those casting a vote. That is, the candidate or program receiving the majority of the votes is the winner. The majority is defined as one vote more than fifty percent of the total number of votes cast. If 100 votes are cast, the majority is 51 votes. If 100 million votes are cast, the majority is 50 million and one (50,000,001). This is perhaps the most common of several voting rules. Others include super majority, unanimity, and plurality.
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FOUR-SECTOR, THREE-MARKET CIRCULAR FLOW A circular flow model of the macroeconomy containing four sectors (business, household, government, and foreign) and three markets (product, factor, and financial) that illustrates the continuous movement of the payments for goods and services between producers and consumers, with particular emphasis on exports and imports. Other circular models are two-sector, two-market circular flow; two-sector, three-market circular flow; and three-sector, three-market circular flow.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"Lord, where we are wrong, make us willing to change; where we are right, make us easy to live with. " -- Peter Marshall, US Senate chaplain
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LRAS
Long Run Aggregate Supply
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