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When Anthony Gets a Test Paper Back on Which He

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When Anthony gets a test paper back on which he earned an "A," phrases like, "atta boy" and "good going" pop into his head, and he feels a sense of pride in his accomplishments. This illustrates the social learning concept of


Definitions:

Liquid Assets

Assets that can be quickly and easily converted into cash without significant loss in value.

Full Employment Level

An economic condition in which virtually all individuals willing and able to work at prevailing wage rates are employed.

Aggregate Demand

The sum of all demands for goods and services in an economy, measured at a particular price level over a defined time interval.

John Maynard Keynes

An economist from Britain whose concepts revolutionized the field of macroeconomics and also altered the economic policy-making of states.

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