Wednesday  December 6, 2023
 AmosWEB means Economics with a Touch of Whimsy!
 A: The common notation for the "intercept" term of an equation specified as Y = a + bX. Mathematically, the a-intercept term indicates the value of the Y variable when the value of the X variable is equal to zero. Theoretically, the a-intercept is frequently used to indicate exogenous or independent influences on the Y variable, that is, influences that are independent of the X variable. For example, if Y represents consumption and X represents national income, a measures autonomous consumption expenditures.
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KEYNESIAN RANGE: The horizontal segment of the Keynesian aggregate supply curve that reflects rigid prices and wages. Shifts of the aggregate demand curve in this range lead to changes in the aggregate output, but not changes in price level. Such results are consistent with Keynesian economics, which is why this is termed the "classical" range. The other ranges of the Keynesian aggregate supply curve are the classical range and the intermediate range.

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PRODUCTION POSSIBILITIES CURVE

A curve that illustrates the production possibilities of an economy--the alternative combinations of two goods that an economy can produce with given resources and technology. A production possibilities curve (PPC) represents the boundary or frontier of the economy's production capabilities, hence it is also frequently termed a production possibilities frontier (PPF). As a frontier, it is the maximum production possible given existing (fixed) resources and technology. Producing on the curve means resources are fully employed, while producing inside the curve means resources are unemployed. The law of increasing opportunity cost is what gives the curve its distinctive convex shape.

 RED AGGRESSERINE[What's This?] Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either a brown leather attache case or car battery jumper cables. Be on the lookout for cardboard boxes.Your Complete Scope
 A half gallon milk jug holds about \$50 in pennies.
 "Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness."-- Martin Luther King, Jr., clergyman
 IGARCHIntegrated Generalized Autoregressive Conditional Heteroskedasticity
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