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December 19, 2018 

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BEA: The abbreviation for the Bureau of Economic Analysis, which is an agency of the U.S. Federal government, specifically a branch of the U.S. Department of Commerce, that compiles and reports a wide range of economic data and measurements. At the top of their list of important economic numbers maintained by the BEA, is the National Income and Product Accounts, which includes gross domestic product and the broad assortment of related measures of income and production. Economists rely heavily on the BEA to provide data needed to evaluate and analyze the macroeconomy.

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PRINT AND MINT: A handy phrase for one method of controlling the money supply -- printing paper currency and minting metal coins. This was the method commonly used by governments BEFORE checkable deposits became a significant share of the money supply. In modern times the total quantity of money in circulation is controlled by controlling bank reserves and money creation process of banks. The print and mint method is largely used just to "fill in the gaps" and when the nonbank public decides to transfer money from checkable deposits to currency and coins.

     See also | money | money creation | monetary policy | currency | coin | checkable deposits | money supply | bank reserves |


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PER UNIT TAX

A tax specified as a percentage of the quantity of a good, service, asset, or other activity. Per unit taxes are often imposed on specific goods or markets. A common per unit tax is that levied on gasoline. People pay a given tax for each gallon of gasoline purchased, regardless of the price of gasoline. An alternative is an ad valorem tax, with is a tax specified as a percentage of the value or price of a good.

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Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either blue cotton balls or a genuine down-filled pillow. Be on the lookout for pencil sharpeners with an attitude.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
"How wonderful it is that nobody need wait a single moment before starting to improve the world. "

-- Anne Frank, diarist

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Least Absolute Deviations
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