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INCREASING OPPORTUNITY COST: The proposition that opportunity cost, the value of foregone production, increases as more of a good is produced. This 'law' is most important to the slope of the production possibilities curve. It generates the convex shape of the curve, making the curve flat at the top and steep at the bottom.
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INTERCEPT, GOVERNMENT PURCHASES LINE The intercept of the government purchases line indicates autonomous government purchases, government purchases that do not depend on the level of income or production. This can be thought of as government purchases that the government sector undertakes regardless of the state of the economy. Autonomous government purchases are affected by the government purchases determinants, which cause a change in the intercept and a shift of the government purchases line.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either a set of luggage with wheels or a birthday gift for your aunt. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"What we have done for ourselves alone dies with us; what we have done for others and the world remains and is immortal." -- Albert Pike
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WE
Walrasian Equilibrium
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