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October 1, 2022 

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OKUN'S LAW: A relationship that says that the gap between actual and full employment output level of gross domestic product widens by 3.0% for each percentage point increase in the unemployment rate. When Arthur Okun discovered this empirical relationship he was on President Kennedy's Council of Economic Advisers (CEA). Okun cautioned that the relationship was valid only within unemployment rates of 3% and 7.5%.

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INCOME: Revenue earned or received by households that can be used for consumption or saving. For the aggregate economy, earned income is termed national income, while received income is termed personal income. The key is that income for the aggregate economy is generated in the production of goods and services.

     See also | consumption | saving | national income | personal income | disposable income |


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INCOME, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: October 1, 2022].


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FIFTH RULE OF IMPERFECTION

The fifth of seven basic rules of the economy, stating that the real world is not perfect, especially in terms of achieving an efficient allocation of resources. This rule means that markets often fail to achieve due to market failures, and that governments seldom satisfactorily enact the policies needed to correct market failings. As such, the real world is often faced with the lesser of two evils--imperfect markets or imperfect government.

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APLS

GREEN LOGIGUIN
[What's This?]

Today, you are likely to spend a great deal of time at a dollar discount store looking to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?

The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"The truth is not for all men, but only for those who seek it. "

-- Ayn Rand, writer

QJE
Quarterly Journal of Economics
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