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July 23, 2014 

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LEAKAGE LINE: A line used in the injection-leakage model representing the relation between non-consumption uses of income (that is, leakages) and national income. The three leakages are saving, taxes, and imports. The foundation of the leakages line is the saving line, which is then enhanced by adding taxes and imports. The other part of the injection-leakage model is a line representing injections. The intersection of the injection and leakage lines identifies equilibrium aggregate output, or Keynesian equilibrium.

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ENTREPRENEURSHIP: One of the four basic categories of resources, or factors of production (the other three are labor, capital, and land). Entrepreneurship is a special sort of human effort that takes on the risk of bringing labor, capital, and land together and organizing production.

     See also | factors of production | resources | labor | capital | land | risk | production | Smith, Adam | invisible hand | efficiency | profit | incentive | economic growth | living standard | economic profit | normal profit |


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ENTREPRENEURSHIP, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2014. [Accessed: July 23, 2014].


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CHAIRMAN OF THE BOARD OF GOVERNORS, FEDERAL RESERVE SYSTEM

The head of the Board of Governors of the Federal Reserve System, and thus the person who is effectively in charge of monetary policy for the United States. The Chairman, one of the 7 members of the Board of Governors, serves as Chairman for a 4-year term, and also is Chairman of the powerful Federal Open Market Committee--the Federal Reserve Committee that sets the course of monetary policy. Being positioned at the top of the central banking authority of the United States, the Chairman is one of the most powerful, if not THE most powerful, individuals in the economy.

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State of the ECONOMY

Real GDP
First Quarter 2014
$17,1010.3 Billion (Annual Rate) Source: BEA
Down 1.0% Advance Estimate, - 1.0% for the year

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BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for gnomes hiding in cypress trees.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"The roots of education are bitter, but the fruit is sweet."

-- Aristotle, philosopher

BAE
Bureau of Agricultural Economics
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