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PRICE CHANGE, UTILITY ANALYSIS: A disruption of consumer equilibrium identified with utility analysis caused by changes in the price of a good, which likely results in a change in the quantities of the goods consumed. The change in the price alters the marginal utility-price ratio and forces a reevaluation of the rule of consumer equilibrium.
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CONTRACTIONARY FISCAL POLICY A form of fiscal policy in which a decrease in government purchases, an increase in taxes, and/or a decrease in transfer payments are used to correct the inflationary problems of a business-cycle expansion. The goal of contractionary fiscal policy is to close an inflationary gap, restrain the economy, and decrease the inflation rate. Contractionary fiscal policy is often supported by contractionary monetary policy. An alternative is expansionary fiscal policy.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"We must be willing to let go of the life we have planned, so as to have the life that is waiting for us. " -- E. M. Forster, writer
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LWOP
Leave Without Pay
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