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FEDERAL SURPLUS: The difference between federal government spending and taxes when taxes are greater than spending.
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SELF CORRECTION, INFLATIONARY GAP The automatic process in which the aggregate market eliminates an inflationary gap created by a short-run equilibrium that is greater than full employment through increases in wages (and other resource prices). The self-correction mechanism is triggered by short-run resource market imbalances that are closed by long-run price flexibility. The self-correction process of the aggregate market also acts to close a recessionary gap with lower wages (and other resource prices).
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"I have no expectation of making a hit every time I come to bat. What I seek is the highest possible batting average." -- President Franklin Delano Roosevelt
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TIFFE Tokyo International Financial Futures Exchange (Japan)
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