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November 21, 2014 

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ANTITRUST LAWS: A series of laws passed by the U. S. government that tries to maintain competition and prevent businesses from getting a monopoly or otherwise obtaining and exerting market control. The first of these, the Sherman Antitrust Act, was passed in 1890. Two others, the Clayton Act and the Federal Trade Commission Act, were enacted in 1914. These laws impose all sorts of restrictions on business ownership, control, mergers, pricing, and how businesses go about competing (or cooperating) with each other.

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SPECIALIZATION: The condition in which resources are primarily devoted to specific tasks. This is one of THE most important and most fundamental notions in the study of economics. Civilized human beings have long recognized that limited resources can be more effectively used in the production the goods and services that satisfy unlimited wants and needs if those resources specialize. For example, three ice cream parlor workers, can be, in total, more productive if one runs the cash register, another scoops the ice cream, and a third adds the hot fudge topping. By devoting their energies to learning how to do their respective tasks really, really well, these three workers can produce more hot fudge sundaes than if each performed all required tasks.

     See also | resources | economics | limited resources | production | goods | services | unlimited wants and needs | comparative advantage | division of labor |


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SPECIALIZATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2014. [Accessed: November 21, 2014].


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EXPANSIONARY FISCAL POLICY

A form of fiscal policy in which an increase in government purchases, a decrease in taxes, and/or an increase in transfer payments are used to correct the problems of a business-cycle contraction. The goal of expansionary fiscal policy is to close a recessionary gap, stimulate the economy, and decrease the unemployment rate. Expansionary fiscal policy is often supported by expansionary monetary policy. An alternative is contractionary fiscal policy.

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APLS

State of the ECONOMY

Real Average Hourly Earnings
September 2014
$10.32
Down 0.2% from August 2014

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GREEN LOGIGUIN
[What's This?]

Today, you are likely to spend a great deal of time wandering around the downtown area seeking to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for telephone calls from long-lost relatives.
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John Maynard Keynes was born the same year Karl Marx died.
"A people that values its privileges above its principles soon loses both. "

-- Dwight Eisenhower, 34th US president

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