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March 1, 2024 

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HOW?: One of three basic questions of allocation (What? and For Whom? are the other two). Answering the "How?" question of allocation determines how society's limited resources will be combined in the production goods. Do we produce houses with wood or bricks? Do we make cars with automated robots or human labor?

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INCOME-EXPENDITURE MODEL: A macroeconomic model, which captures the essence of Keynesian economics, is based on the equality between total income generated from gross domestic product and total expenditures on gross domestic product. The cornerstone of the income-expenditure model is the consumption function, which relates household consumption expenditures to income and gives rise to the aggregate expenditure line with the addition of investment, government purchases, and net exports. The intersection between the aggregate expenditure line at the 45-degree identifies equilibrium.

     See also | Keynesian economics | consumption function | gross domestic product | aggregate expenditures | multiplier | accelerator | unemployment | business cycle | marginal propensity to consume | fiscal policy | Keynesian cross | income-price model | The General Theory |


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BALANCE OF PAYMENTS

A comprehensive set of accounts that tracks the flow of currency and other monetary assets coming in to and going out of a nation. These payments are used for international trade, foreign investments, and other financial activities. The balance of payments is divided into two accounts -- current account (which includes payments for imports, exports, services, and transfers) and capital account (which includes payments for physical and financial assets). A deficit in one account is matched by a surplus in the other account. The balance of trade is only one part of the overall balance of payments set of accounts.

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BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time watching infomercials seeking to buy either a computer that can play music and burn CDs or a T-shirt commemorating last Friday (you know why). Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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World Trade Organization
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