Define the Following Terms

question 11

Short Answer

Define the following terms
-guilty knowledge

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Definitions:

MPS

The marginal propensity to save, which is the fraction of an increase in income that is saved rather than spent.

Milton Friedman

An American economist known for his strong belief in free-market capitalism.

Permanent

Something that is meant to last or continue indefinitely without change.

Disposable Income

Refers to the sum of money available to families for spending and saving purposes once income taxes have been deducted.