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August 19, 2019 

AmosWEB means Economics with a Touch of Whimsy!

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RATIONAL IGNORANCE: The decision not to become informed about something because the cost of doing it is more than the expected benefit. In that information is costly, there's always some limit to how much anyone can know. The idea of rational ignorance, while popping up on a daily basis for most of us, is quite important come election time. Many voters decided, logically so, that it's not really worth their efforts to get ALL of the details on every candidate and issue on the ballot.

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BUDGET DEFICIT: An excess of budgetary expenditures over revenues. The federal government is well known for its inclination to operate with a budget deficit. But it is not alone. Consumers also find themselves in this position on many occasions. When a budget deficit occurs, the excess spending is financed through borrowing. For the federal government this involves issuing government securities. For households it typically involves some sort of bank loan, credit card purchase, use of savings (borrowing from thyself), or hitting a friend up for a few bucks.

     See also | budget | government | consumer | government securities | balanced budget | budget surplus | federal deficit |


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BUDGET DEFICIT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: August 19, 2019].


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ECONOMIC SYSTEM

The assorted institutions that society uses to answer the three basic questions of allocation and address the fundamental problem of scarcity. Another, more popular term for economic system is economy. An economy, or economic system, is the structural framework in which households, businesses, and governments undertake the production and consumption decisions that allocate limited resources to satisfy unlimited wants and needs.

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APLS

GREEN LOGIGUIN
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a decorative windchime with plastic or a flower arrangement for that special day for your mother. Be on the lookout for the happiest person in the room.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"In a restless, creative business with an emphasis on experiment and development, ideas are the lifeblood."

-- Richard Branson, Virgin Group founder

AACCLA
Association of American Chambers of Commerce in Latin America
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