March 17, 2018 

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MACROECONOMIC THEORIES: Scientific theories that seek to explain phenomena associated with the macroeconomy. The primary phenomena investigated are unemployment, inflation, and the level of aggregate production. Macroeconomic theories also inevitably provide policy recommendations intended to improve the performance of the economy and to correct macroeconomic problems. A few of the more noted macroeconomic theories are: Classical economics, Keynesian economics, aggregate market (AS-AD) analysis, IS-LM analysis, Monetarism, and New Classical economics.

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COST MINIMIZATION: The process or goal of incurring the least possible opportunity cost in the pursuit of a given activity. Cost minimization is comparable to other objectives, including utility maximization and profit maximization. This goal, however, is generally used when circumstances constrain a decision. For example, a government agency has been assigned the task of building a bridge. It must now do so at the lowest cost possible.

     See also | opportunity cost | utility maximization | profit maximization | efficiency | economize | technical efficiency |

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Personal income (PI) is the total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time. National income (NI) is the total income earned by the citizens of the national economy resulting from their ownership of resources used in the production, which may or may not be received by members of the household sector. Personal income can be derived from national income by subtracting income earned but not received (IEBNR) and adding income received but not earned (IRBNE).

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Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either a set of luggage with wheels or a birthday gift for your aunt. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"If football taught me anything about business, it is that you win the game one play at a time."

-- Fran Tarkenton, Football Player

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