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VOLUNTARY EXCHANGE: The process of willingly trading one item for another. The emphasis here is on "willingly." Voluntary exchanges are the heart and soul of market transactions, and should be contrasted with the "involuntary" exchanges mandated by government taxes, laws, and regulations. While involuntary government-forced exchanges play an important role in a mixed economy, economists really, really like voluntary market exchanges because they promote economic efficiency.
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SCARCE RESOURCES Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Scarce resources, also termed just resources, are often given the more descriptive term factors of production.
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GREEN LOGIGUIN [What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for attractive cable television service repair people. Your Complete Scope
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"If you wouldn't write it and sign it, don't say it." -- Earl Wilson, Columnist
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GLS Generalized Least Squares
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