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January 18, 2019 

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FALLACY OF COMPOSITION: The logical fallacy of arguing that what is true for the parts is also true for the whole. In the study of economics, this takes the form of assuming that what works for parts of the economy, such as households or businesses also works for the aggregate, or macroeconomy. The contrasting fallacy, which you might want to examine next, is the fallacy of division.

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TOTAL-MARGINAL RULE: A mathematical connection between a marginal value is the slope of a curve of the corresponding total value stating that the marginal IS the slope of the total curve. If the total curve has a positive slope (that is, is upward sloping), then marginal is positive. If the total product has a negative slope (downward sloping), then marginal is negative. If the total curve has a zero slope (horizontal), then marginal is zero. Moreover, if the total curve has an increasing slope (becoming steeper), then the marginal is rising. If the total curve has a decreasing slope (becoming flatter), then the marginal is falling.

     See also | slope | total product | total cost | total variable cost | marginal product | marginal cost | average-marginal rule |


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GOVERNMENT BORROWING

The acquisition of funds through the financial markets by the government sector which are used to finance government expenditures. In terms of the simple circular flow model, this is one of two basic demands for household saving diverted into financial markets. The other is investment borrowing. Government borrowing is also one of two methods of financing government expenditures. The other is taxes.

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Today, you are likely to spend a great deal of time at a dollar discount store looking to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for telephone calls from former employers.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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