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LEAKAGE: A non-consumption uses of income, including saving, taxes, and imports. Leakages are combined with injections in the injection-leakage model used to identify equilibrium aggregate output in Keynesian economics. The notion of leakage is best viewed through the circular flow, in which saving, taxes, and imports are "leaked" out of the main flow between output, factor payments, national income, and consumption.
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                           AXIOM: A basic precondition or assumption underlying a theory. Axioms are basic, unverifiable world view assumptions--including personal beliefs, political views, and cultural values--that form the foundation of a theory. An axiom is a statement or notion that is unprovable, but presumed to be true. Axioms cannot be verified directly with real world data, and as such are largely accepted on faith. They comprise the world view of a scientific theory. Many axioms reflect religious beliefs, political ideologies, and views about the basic nature of humanity and the universe. Belief in a supreme, omnipotent, omniscience being is one such axiom. The notion that people are basically good (or bad) is another. The presumption that the universe abides by cause-and-effect relations is a key axiom for all of science.While axioms cannot be verified directly with real world data, as is the case for hypotheses, they can be "checked" indirectly. Suppose, for example, dozens of theories that employ the same axiom generate hundreds of hypotheses that are refuted by real world data. The problem might rest with this axiom. If this axiom is then replaced with an alternative, and the subsequent hypotheses are supported by data, then the validity of the original axiom is even more suspect.
Recommended Citation:AXIOM, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: February 8, 2023].
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a set of luggage with wheels or a birthday gift for your aunt. Be on the lookout for poorly written technical manuals.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"Learn to enjoy every minute of your life. Be happy now. Don't wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it's at work or with your family. Every minuteshould be enjoyed and savored." -- Earl Nightingale
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SEC
Securities and Exchange Commision
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