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HOMOGENEOUS PRODUCT: Goods that are either physically identical or at least viewed as identical by buyers. In particular, the producer of a product can not be identified from the product itself. This is a key assumption underlying the perfect competition market structure, and like other assumptions is only approximated in the real world. Agricultural products, metals, and energy goods come as close as any in the real world.

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Lesson 1: Economic Basics | Unit 2: Doing Economics Page: 6 of 18

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  • The science of positive economics and the art of normative economics.
  • Macroeconomics, microeconomics and some specialized fields of economic study.
  • Six common logical fallacies to avoid: false cause, attacking the messenger, appealing to the masses, appealing to a false authority, composition, and division.

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INJECTIONS LINE

A graphical representation of the relation between the level of aggregate production and one or more injections. The three injections (non-consumption expenditures on aggregate production) are investment expenditures, government purchases and exports. The injections line sequentially adds, or layers, each of these three expenditures depending on the number of sectors used in the analysis (two, three, or four). The slope of the injections line depends on which if any of the expenditures are induced by aggregate production. The injections line is combined with the leakages line (containing saving, taxes, and imports) in the Keynesian injections-leakages model.

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APLS

GREEN LOGIGUIN
[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?

In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. "

-- Napoleon Hill, author

COLA
Cost of Living Adjustment
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