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GREAT DEPRESSION: A period of time from 1929 to 1941 in which the economy experienced high rates of unemployment (averaging well over 10%), low production, and limited investment. This period of stagnation prompted radical changes in the way government viewed it's role in the economy and lead to our modern study of macroeconomics.
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VOLUNTARY EXCHANGE The process of willingly trading one valuable commodity (good, service, or resource) for another. The key term is "willingly," which distinguishes voluntary exchanges from involuntary exchanges, such as those created by government taxes. Voluntary exchanges are the foundation of market transactions.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors looking to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for malfunctioning pocket calculators.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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AAXICO
American Air Export and Import Company
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