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GROSS DOMESTIC PRODUCT: The total market value of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. This is the government's official measure of how much output our economy produces. It's tabulated and reported by the National Income and Product Accounts maintained by the Bureau of Economic Analysis, which is part of the U. S. Department of Commerce.

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CBO: The abbreviation of Congressional Budget Office, which is a Congressional agency that provides Congress with information needed for various economic and budget decisions. Established in 1974, the CBO is responsible for providing Congress with objective, timely, nonpartisan analyses used for economic and budget decisions. A key task is to generate information and estimates required for the Congressional budget process. The Presidential counterpart of the CBO is the Office of Management and Budget (OMB). And unlike the OMB, every attempt is made to ensure that the CBO is nonpartisan and objective. It does not recommend policies, but only presents alternatives.

     See also | budget | fiscal | economic policies | fiscal policy | OMB |


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CBO, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: May 22, 2022].


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LAW OF INCREASING OPPORTUNITY COST

The proposition that opportunity cost, the value of foregone production, increases as the quantity of a good produced increases. This fundamental economic principles can be seen in the production possibilities schedule and is illustrated graphically through the slope of the production possibilities curve. It generates a distinctive convex shape, flat at the top and steep at the bottom.

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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either a set of serrated steak knives, with durable plastic handles or a pair of blue silicon oven mitts. Be on the lookout for slow moving vehicles with darkened windows.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
"Carpe diem! Rejoice while you are alive; enjoy the day; live life to the fullest; make the most of what you have. It is later than you think."

-- Horace, Ancient Roman poet

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