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ZERO BOND: Also termed a zero coupon bond, a bond that does not pay interest, in which the return is generated by the difference between the purchase price and the face value paid at maturity. Because they do not pay interest, zero bonds are sold at a discount. For example, a $10,000 zero bond that matures in one year, would generate a 10% return if it sold at a discount of $9,000.

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Lesson 1: Economic Basics | Unit 2: Doing Economics Page: 5 of 18

Topic: The Fields <=PAGE BACK | PAGE NEXT=>

The two biggest, broadest fields in economics are:
  • Macroeconomics is the study of the aggregate economy, the entire pie, the whole forest. Macroeconomics is interested in things like gross production, unemployment, inflation, and recession.
  • Microeconomics is the study of parts of the economy, the slices of the pie, the trees of the forest. Microeconomics is interested in topics like market prices, consumer behavior, production costs, and competition.

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KEYNESIAN MODEL

A macroeconomic model based on the principles of Keynesian economics that is used to identify the equilibrium level of, and analyze disruptions to, aggregate production and income. This model identifies equilibrium aggregate production and income as the intersection of the aggregate expenditures line and the 45-degree line. The Keynesian model comes in three basic variations designated by the number of macroeconomic sectors included--two-sector, three-sector, and four sector. The Keynesian model is also commonly presented in the form of injections and leakages in addition to the standard aggregate expenditures format. This model is used to analyze several important topics and issues, including multipliers, business cycles, fiscal policy, and monetary policy.

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for malfunctioning pocket calculators.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
"You are never given a dream without also being given the power to make it true."

-- Richard Bach, Author

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Strong Law of Large Numbers
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