facility noun (PLACE). âº [C] something such as a âplace, âbuilding, or âequipment used for a âparticular âpurpose or âactivity: The new âsports facility has a âswimming âpool. (Definition of facility from the Cambridge Academic Content Dictionary Â© Cambridge University Press).acility noun (PLACE). âº [C] something such as a âplace, âbuilding, or âequipment used for a âparticular âpurpose or âactivity: The new âsports facility has a âswimming âpool. (Definition of facility from the Cambridge Academic Content Dictionary Â© Cambridge University Press).
While economists cloak their views in the aura of science, what they actually do is make assumptions about the world, use those assumptions to build imaginary economies (known as models), and from those models generate conclusions.
Keynesian economics emphasizes the role of demand in an economy. According to Keynes, the main cause of unemployment is low consumer demand for goods and services. Excessive consumer demand for products and services creates inflation.eynesian economics emphasizes the role of demand in an economy. According to Keynes, the main cause of unemployment is low consumer demand for goods and services. Excessive consumer demand for products and services creates inflation.