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BALANCED-BUDGET MULTIPLIER: The ratio of the change in aggregate output (GDP) to a change in government spending, which are matched by an equal change in taxes. This is termed a balanced-budget multiplier because the change in spending is matched by the change in taxes and thus the government's budget deficit or surplus is neither increased nor decreased. If the government had a balanced budget before the changes, then it has one after the changes.
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AUCTION A formal market exchange in which prospective buyers make bids to purchase a commodity. An auction is an effective way of exchanging commodities by bringing together buyers and sellers. Auctions are commonly used to exchange financial instruments, agricultural commodities, personal assets, and works of art. Three notable types of auctions are English, Dutch, and sealed-bid.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at an auction trying to buy either a large stuffed brown and white teddy bear or a replacement washer for your kitchen faucet. Be on the lookout for strangers with large satchels of used undergarments.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"I do the best I know how, the very best I can, and I mean to keep doing so until the end. " -- Abraham Lincoln, 16th US president
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GAB
General Agreements to Borrow
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