AmosWEB is Economics: GLOSS*arama

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September 16, 2024

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KEYNESIAN: Relating to the macroeconomic theory developed by John Maynard Keynes to address the problem of the persistently high unemployment occurring during the Great Depression. This word is commonly used as a modifier for other terms, such as Keynesian economics, Keynesian policy, or Keynesian equilibrium. Beyond the theory itself, the term Keynesian has come to reflect a particular philosophy toward government and the economy that a market-based economy is unlikely to achieve the macroeconomic goals of full employment, growth, and stability without the active use of government policies.

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FULL-EMPLOYMENT BUDGET: A hypothetical federal budget that would exist if the economy were at full employment. Differences between the actual federal budget and the full-employment budget result from taxes and expenditures that depend on gross domestic product. The full-employment budget indicates whether any of the federal government's fiscal policy is over- or under-stimulating the economy given the current position in the business cycle. During a recession the federal deficit should be just enough to generate a balanced budget at full employment. The same result is desirable if we're running a surplus with inflation. If the full-employment budget is NOT balanced, however, then we're doing too much or too little by way of fiscal policy and changes are in order.

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FULL-EMPLOYMENT BUDGET, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: September 16, 2024].

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ELASTIC DEMAND

The general demand relation in which relatively small changes in price cause relatively large changes in quantity demanded. Small changes in price cause relatively large changes in quantity demanded or the percentage change in quantity demanded is larger than the percentage change in price. This characterization of elasticity is most important for the price elasticity of demand. Elastic demand is one of two general elasticity relations for demand. The other is inelastic demand.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either a how-to book on home repairs or a large, stuffed kitty cat. Be on the lookout for a thesaurus filled with typos.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.

"You need just the right amount of ambition . . . If you have too little ambition, you don't push or work hard. If you have too much ambition, you put yourself ahead of others, elbow them out of your way. "

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