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September 25, 2018 

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AAUP: The abbreviation for American Association of University Professors, which is an association of university and college faculty established in 1915 to protect academic freedom. The AAUP is the closest thing university faculty have to a labor union. While it does engage in some collective bargaining functions with specific universities, similar to traditional labor unions, its primary function is to ensure that faculty maintain intellectual or academic freedom from political of social pressures.

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Lesson 11: Circular Flow | Unit 3: Government Page: 11 of 22

Topic: What It Does <=PAGE BACK | PAGE NEXT=>

The government sector plays a key role in the economy and the circular flow with government spending, especially for the purchase of GDP, and taxes.
  • Government purchases include: national defense, roads, educational system, post offices, fire and police protection, parks, sewage treatment plants, and more.
  • Taxes are used to divert household sector income to the government sector to pay for these purchases.
  • The diversion of income into taxes used to purchase government production shows up in the circular flow model.

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PHENOMENON

An event or action that is subject to investigation, analysis, and explanation using the scientific method. Phenomena are the sorts of things that science seeks to explain. They can be common events, like the blowing wind, or unusual, like the extinction of the dinosaurs.

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APLS

YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either 500 feet of coaxial cable or a coffee cup commemorating the 1960 Presidential election. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?

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.
"If I'm selecting a group, the first thing I look for is a record of achievement . . . If (candidates achieve) in small things, there's a very good chance they'll perform well in big things. "

-- Edmund Hillary, explorer

IIP
Index of Industrial Production
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