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ALLOCATION: The process of distributing resources for the production of goods and services, and of distributing goods and services for consumption by households. This process of allocation is essential to an economy's effort to address the problem of scarcity. An allocation is efficient if the resources, goods, and services are distributed according to the economy's highest valued uses.

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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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RESOURCE PRICE, AGGREGATE SUPPLY DETERMINANT

One of three categories of aggregate supply determinants assumed constant when the aggregate supply curve is constructed, and which shifts the aggregate supply curve when it changes. An increase in a resource price causes a decrease (leftward shift) of the short-run aggregate supply curve. A decrease in a resource price causes an increase (rightward shift) of the short-run aggregate supply curve. The other two categories of aggregate supply determinants are resource quantity and resource quality. Specific determinants falling into this general category include wages and energy prices. Anything affecting the prices paid for the use of labor, capital, land, and entrepreneurship is also included.

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Today, you are likely to spend a great deal of time watching infomercials seeking to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for neighborhood pets, especially belligerent parrots.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"Try not to become a man of success, but rather try to become a man of value. "

-- Albert Einstein

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