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July 6, 2015 

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FISCAL: Relating to government taxation, spending, or financial matters. The term is most often using in combination with other words, such as fiscal budget, fiscal year, or fiscal policy. In each case, the addition of the term "fiscal" means a connection with government financial matters. Fiscal policy, for example, is policy that makes use of government spending and taxation. Fiscal year is then the standard 12-month period government uses for collecting taxes, appropriating spending, and otherwise tabulating its budget.

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CONSERVATIVE: A political view that favors -- (1) limited government, (2) extensive reliance on markets, (3) strong national defense, (4) protection and promotion of existing cultural ideals and beliefs, and (5) economic rewards predominately based on productive efforts. Conservatives tend to come from the ranks of the second estate (or second-estate wannabes), with extensive ownership of and control over resources. As such, they support policies and first estate leaders that protect their interests. Conservatives tend to be strong advocates of free enterprise and find philosophical agreement with neoclassical economics, new classical economics, rational expectations, and monetarism theories that call for limited government intervention in the economy.

     See also | liberal | government | market | second estate | free enterprise | capitalism | cross elasticity of demand | new classical economics | monetarism | incentive | laissez faire | regulation | deregulation |


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CONSERVATIVE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2015. [Accessed: July 6, 2015].


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LAW

A generally accepted, verified, proven, fundamental scientific relation. A law is a scientifically certified, thoroughly verified, cause-and-effect relation about the workings of the world. It has been tested and retested through the scientific method. The law of demand, law of increasing opportunity cost, and law of diminishing marginal utility are three fundamental (and extremely important) economic laws of nature.

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Today, you are likely to spend a great deal of time at an auction looking to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for telephone calls from long-lost relatives.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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