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ZERO-BASE BUDGET: A method of budgeting expenditures in which each expenditure is justified on its overall merits rather than being based on the budget for the previous year. A zero-base budget is most often proposed (but seldom implemented) for governments. Governments generally establish budget expenditures based on expenditures for the previous year. If, for example, budget expenditures last year were $100 billion, the requested budget for this year might be set at $110 billion. The existing $100 billion is a "given" and only the extra $10 billion is justified. With a zero-base budget, the entire $110 billion is justified.
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BALANCE OF TRADE DEFICIT The negative difference of the value of goods and services exported out of a country less the value of goods and services imported into the country. A balance of trade deficit is the official term for negative net exports that occurs when imports exceed exports. A balance of trade deficit is also termed an "unfavorable" balance of trade because it results in a net outflow of monetary payments from the domestic economic to the foreign sector, which tends to be bad for a country. The alternative is a balance of trade surplus in which exports exceed imports.
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Fact 2: Our Subjective ValuesUpon leaving Scarcity Stan's Bakery Shoppe and Confectionery Palace our pedestrian's excursion drops into Mega-Mart Discount Warehouse Super Center. A quick tour of this mecca of mass production -- lasting no more than three days -- is likely to reveal within the 20 gadzillion square feet of floor space a number of sales racks, shelves, and tables filled with merchandise marked down for clearance. A prominently displayed sign on one sales rack boldly declares that the regular $24.99 price has been drastically reduced, for this week only, to $3.98. What a bargain! What a sale! We have the chance -- "for a limited time only" -- to get stuff valued at $24.99 for only $3.98! With a bargain like this, how can we lose? It's easy to lose, if you don't understand the concept of value. Most of us have several "bargains" stored away in the attic, closet, or garage that never have seen, and probably never will see, anything resembling use. What seemed like a great "bargain" at the store, does nothing but occupy space at home. (By the way, does anyone have use for a distributor cap for a 1949 Ford?)
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a birthday gift for your grandfather or a pleather CD case. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"Enthusiasm is the greatest asset in the world. It beats money and power and influence. It is no more or less than faith in action. " -- Henry Chester, Writer
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LRAC
Long Run Average Cost
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