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SAY'S LAW: A classical economic proposition stating that the production of aggregate output creates sufficient aggregate demand to purchase all of the output produced. In other words, supply creates its own demand. This is one of the three assumptions underlying the macroeconomic theory of classical economics which concluded that unrestricted market activity would generate full employment. The other two assumptions are flexible prices and saving-investment equality. Say's law is closely associated with the circular flow model.
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GOVERNMENT EXPENDITURES Spending by the government sector including both the purchase of final goods and services, or gross domestic product, and transfer payments. Government expenditures are used by the government sector to undertake key functions, such as national defense and education. These expenditures are financed with a combination of taxes and borrowing.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs seeking to buy either a rim for your spare tire or decorative celebrity figurines. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"The only profit center is the customer." -- Peter Drucker, educator
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MPC
Marginal Propensity to Consume
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