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November 17, 2019 

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REAL GROSS DOMESTIC PRODUCT: The total market value, measured in constant prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. The key is that real gross domestic product is measured in constant prices, the prices for a specific base year. Real gross domestic product, also termed constant gross domestic product, adjusts gross domestic product for inflation. You might want to compare real gross domestic product with the related term nominal gross domestic product.

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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.

     See also | government | budget deficit | budget surplus | government purchases | taxes | transfer payments | fiscal policy | political business cycle | conservative | money supply rule | automatic stabilizers | inflation | unemployment |


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MARGINAL UTILITY AND DEMAND

An explanation of the law of demand and the negatively-sloped demand curve based on utility analysis and the law of diminishing marginal utility. The law of diminishing marginal utility states that marginal utility declines as consumption increases. Because demand price depends on the marginal utility obtained from a good, price also declines as consumption increases, meaning price and quantity demanded are inversely related, which is the law of demand.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for gnomes hiding in cypress trees.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
"Security can only be achieved through constant change, through discarding old ideas that have outlived their usefulness and adapting others to current facts. "

-- William O. Douglas, Supreme Court Justice

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