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January 18, 2019 

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BALANCED-BUDGET AMENDMENT: A proposed amendment to the U.S. Constitution that would constrain total government spending to be less than or equal to total tax collections. Such an amendment would effectively eliminate the federal deficit, which results when the spending exceeds taxes. The logic behind such an amendment is to prevent discretionary use of fiscal policy, which is often blamed for political business cycles and the resulting problems of inflation and unemployment. It is also touted as a way to limit the size of the Federal government.

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Lesson 4: Production Possibilities | Unit 4: Analysis Page: 14 of 24

Topic: Full Employment <=PAGE BACK | PAGE NEXT=>

We can use production possibilities to illustrate the full employment condition.
  • Full employment is the condition that exists when all available resources are engaged in the production of goods and services.
  • Full employment can be interpreted as any bundle that places the economy ON the production possibilities curve, including D and J.
  • L does not fully employ all resources.
  • M is not attainable.

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PRODUCT MARKETS

Markets that exchange final goods and services, that is, the output that is combined into gross domestic product. The buyers of this production are the four macroeconomic sectors--household, business, government, and foreign. The seller of this production is primarily the business sector. A substantial part of macroeconomics is devoted to explaining how and why gross domestic product exchanged through product markets rises or falls. Product markets, also termed output or goods markets, are one of three primary sets of macroeconomic markets. The other two are resource markets and financial markets.

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Today, you are likely to spend a great deal of time at the confiscated property police auction wanting to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for slow moving vehicles with darkened windows.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover."

-- Mark Twain

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