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March 28, 2024 

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LIBERAL: A political view that favors--(1) paternalistic government, (2) correction of market failure with government intervention, (3) equal opportunities for all citizens regardless of race, age, gender, ethnic origin, or planet of origin, (4) redistribution of income and wealth, and (5) extensive regulation and control by government over the profit-seeking businesses of the second estate.

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MICRO GOALS: The two goals of a mixed economy that are most relevant to the study of microeconomics are efficiency and equity. Efficiency is obtaining the most possible satisfaction of wants and needs from a given amount of resources. Equity is the "fairness" with which income and wealth are distributed. Of course, what is "fair" is not obvious.

     See also | economic goals | macro goals | mixed economy | microeconomics | equity | efficiency | satisfaction | wants | needs | Pareto efficiency | income distribution | wealth distribution | third rule of inequality |


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DISPOSABLE INCOME AND PERSONAL INCOME

Disposable income (DI) is the total income that can be used by the household sector for either consumption or saving during a given period of time, usually one year. Personal income (PI) is the total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time, usually one year. Disposable income is after-tax income that is officially calculated as the difference between personal income and personal tax and nontax payments. In the numbers game, personal tax and nontax payments are about 15 percent of personal income, which makes disposable personal income about 85 percent of personal income.

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APLS

BLUE PLACIDOLA
[What's This?]

Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a wall poster commemorating the 2000 Presidential election or a rechargeable flashlight. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

MPS
Marginal Propensity to Save
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