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ADAM SMITH: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.

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CONSUMPTION GOOD: A that provides more or less immediate satisfaction of wants and needs. Consumption goods should be contrasted with capital goods. Investment is the fundamental process of producing fewer consumption goods and more capital goods.

     See also | consumption | satisfaction | household sector | resources | goods | services | wants | needs | personal consumption expenditures | investment | capital good |


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CONSUMPTION GOOD, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: February 24, 2024].


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FISCAL POLICY

Control over government spending and taxes by a central government which is used to stabilize business cycles, reduce unemployment and inflation, and promote economic growth. In the United States fiscal policy is primarily undertaken at the federal level through acts of Congress and actions by the President. However, state and local governments also undertake fiscal policy to stabilize their local macroeconomies. The government sector has three alternative tools in the use of fiscal policy--government purchases, taxes, and transfer payments. An alternative to fiscal policy is monetary policy.

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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
"In war, there is no second prize for the runner-up."

-- Omar Bradley, US Army general

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