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CENTRAL BANK: The banking authority of a nation that's in charge of ensuring a sound money supply and conducting the country's monetary policy. It's usually authorized by, and works closely with, the government to achieve full employment, low inflation rates , economic growth, and all of the other goals that make people happy, healthy, and wise. Unlike many other nations, which have a single central bank, the good old U. S. of A. actually has a de-central bank.
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EFFECTIVE DEMAND A key conceptual notion of Keynesian economics stipulating that the aggregate expenditures on real production is based on existing or actual income rather than the income that would be generated with full employment of resources. Effective demand is embodied in the aggregate expenditures line, which has a positive slope, but a slope of less than one. This concept was proposed by Thomas Robert Malthus in the early 1800s as a counter argument to Say's law found in classical economics and then found new life when John Maynard Keynes developed his theory in the 1930s.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a rechargeable battery for your cell phone or a T-shirt commemorating the 2000 Olympics. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"There comes a time when the mind takes a higher plane of knowledge but can never prove how it got there. " -- Albert Einstein, physicist
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BEA
Bureau of Economic Analisys
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