ACADEMY ASSOCIATION OF ECONOMICS CERTIFIED CHARTERED ECONOMISTS CHE CEPA

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Consumption tax: A tax on expenditures, rather than on earnings.

Deficiency payment: A government payment to compensate farmers for all or part of the difference between producer prices actually paid for a specific commodity and higher guaranteed target prices. 114

Demand: The total quantity of goods and services consumers are willing and able to buy at all possible prices during some time period.

Depression: A severe decline in general economic activity in terms of magnitude and/or length.

Deposit insurance: U.S. government backing of bank deposits up to a certain amount -- currently, $100,000.

Deregulation: Lifting of government controls over an industry.

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Famous Economics Quote

Friedrich August von Hayek, 1974 Nobel Prize Winner

"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."

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