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EFFECTIVE DEMAND: The notion that the actual demand for aggregate output in the macroeconomy is based on the actual income or other existing economic conditions and not on income and conditions existing in equilibrium. The idea of effective demand plays a key role in Keynesian economics and how the macroeconomy can have extended periods of unemployment. Effective demand is in direct contrast to the view underlying classical economics that demand is that existing in equilibrium.
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ABILITY-TO-PAY PRINCIPLE A taxation principle stating that taxes should be based on the ability to pay taxes. The ability-to-pay principle works from the proposition that those who have the greatest income should pay the most taxes. The ability-to-pay principle is the only reasonable way to finance the provision of public goods such as national defense, public health, and environmental quality. This is one of two taxation principles. The other is the benefit principle, which states taxes should be based on the benefits received.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store looking to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"We can't take any credit for our talents. It's how we use them that counts. " -- Madeleine L'Engle, Writer
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AR(N)
A nth-order Autoregressive Process
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