A range of income on which a given marginal tax rate is applied.

A nation’s knowledge of how to produce goods in the best possible way.

Keynes’ theory that the i% adjusts to bring the money market into equilibrium.

Scarce resources imply that individuals, firms, and governments are constantly faced with difficult choices that involve benefits and costs.

The amount of money held in order to make transactions. This is not related to the interest rate, but increases as nominal GDP increases.

The bottom of the business cycle where a contraction has stopped.