Your Professor Is in the Middle of Her Lecture When

question 34

True/False

Your professor is in the middle of her lecture when the dean from a competing school walks into class and offers her a position at his school at double her present salary.When she asks when the position will start,he says tomorrow.Your professor looks at the class,says good-bye,and walks out to start cleaning out her office.Your school can sue your professor for tortious interference with an existing contractual relationship.

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Definitions:

Leakage

Any diversion of income from the domestic spending stream; includes saving, taxes, and imports.

Circular Flow

A model in economics that describes the movement of resources, goods and services, and money among different sectors in an economy.

Leakages-Injections Approach

An economic understanding and analysis of how savings, taxes, and imports (leakages) offset government spending, investments, and exports (injections) in the circular flow of income.

Value Added

The increase in worth of a product or service as a result of a particular process, often characterized by the difference between the price of the finished product and the cost of the inputs involved in making it.