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LEAKAGE: A non-consumption uses of income, including saving, taxes, and imports. Leakages are combined with injections in the injection-leakage model used to identify equilibrium aggregate output in Keynesian economics. The notion of leakage is best viewed through the circular flow, in which saving, taxes, and imports are "leaked" out of the main flow between output, factor payments, national income, and consumption.
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Lesson 3: Scarcity | Unit 5: THE Problem
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Page: 17 of 17
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- Why scarcity is considered to be THE economic problem.
- Why economists say that there are no free lunches.
- The pervasive problem of scarcity faced by all societies past and present.
- How we might solve the scarcity problem through limited wants and needs or unlimited resources and why this is unlikely to happen.
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DATA Observations or measurements that quantify or otherwise identify some aspect of the real world. Data are used to track economic performance, quantify economic characteristics, and test economic hypotheses. Data collection is often the most challenging part of undertaking an empirical analysis.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a replacement battery for your pocket calculator or a how-to book on home remodeling. Be on the lookout for strangers with large satchels of used undergarments.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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AFA
Advertising Federation of America
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