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DOUBLE COINCIDENCE OF WANTS: The requirements of a barter exchange that each trader has want the other wants and wants what the other has. Because everyone doesn't necessarily want everything, the lack of double coincidence of wants is a major obstacle in barter exchanges, especially for complex, modern economies. While double coincidence of wants is also essential for exchanges involving money, it's such an inherent trait of money we don't think twice about it. By its very nature as a generally accepted medium of exchange, everyone WANTS money.
Visit the GLOSS*arama
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State of the ECONOMY
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Production/Income |
Real average weekly earnings |
November 2016 |
$367.50 Bureau of Labor Statistics |
Constant 1982-84 dollars |
Median weekly earnings |
Third Quarter 2016 |
$827 / week |
Up $24 from 3rd Qtr. 2015 |
GDP: Real |
Third Quarter 2016 |
$18,675.3 Billion (Annual Rate) Source: BEA |
Up 5.0% |
U.S. Exports |
November 2016 |
$185.8 billion |
Down 0.2% from Oct. 2016: Econ. Stat. Admin. |
e-commerce sales |
3rd Quarter 2016 |
$101.3 billion |
Up 4.0% from 2nd Quarter 2016 US Census Bureau |
Personal Income |
November 2016 |
$16,233.8 billion |
Up 0.1% from Oct. 2016 |
U.S. Imports |
November 2016 |
$231.1 billion |
Up 1.1% from Oct. 2016: Econ. & Stat. Admin. |
Private Employer Cost for Employee Compensation |
September 2016 |
$32.27 per hour |
Benefits are $10.73 / hour Source: BLS |
Sales of New Single-Family Homes |
November 2016 |
592,000 (seasonal adjusted annual rate) |
Up % from October 2016 Source: Econ Stats Adm. |
Productivity |
3rd Quarter 2016 |
Unchanged from a year ago |
Source: BLS |
Real Average Hourly Earnings |
November 2016 |
$10.68 |
Up $.07 from November 2015 |
Employment |
U 3 Unemployment |
December 2016 |
4.7% Up from November |
Bureau of Labor Statistics |
U.S. Job Openings |
October 2016 |
5.5 million Steady |
Bureau of Labor Statistics |
U 6 Unemployment |
November 2016 |
9.3% Down a little |
Includes those who have given up looking. BLS |
Prices |
Consumer Price Index W |
November 2016 |
235.215 |
Down slightly from Oct. 2016 Source: B L S |
Money/Interest |
U.S. National Debt |
January 3, 2017 |
$19,951,017,689,395.11 |
Up over $1 trillion in 2016: U.S. Debt Clock |
Federal Discount Rate |
January 3, 2017 |
1.25% |
Up 0.25% |
Prime Rate |
January 3, 2017 |
3.75% |
Up .25% from a year ago |
Federal Funds Rate |
January 3, 2017 |
.75% |
Up 0.25% from a year ago |
Cyclical Indicators |
Consumer Price Index Urban |
November 2016 |
241.353 |
Up 0.2% from Oct. 2016 Source: BLS |
New Orders for Manufactured Goods |
November 2016 |
$458.3 billion |
Down 2.4% from Nov. 2016 Econ & Statistics Adm |
New Orders for Manufactured Durable Goods |
November 2016 |
$228.2 billion U.S. Commerce Dept. |
Down 4.6% from Oct. 2016 |
Business Inventories |
October 2016 |
$1,814.5 billion |
Up 2% from Oct. 2015: Econ. Stat. Admin. |
Retail Sales |
November 2016 |
$468.05 billion |
U.S Census Bureau |
Producer Price Index Final Demand |
November 2016 |
110.8 |
Up 0.4% from Oct. 2016 Soure: BLS.gov |
Wholesale Inventories |
November 2016 |
$594.5 billion |
U.S. Dept. of Commerce |
Housing Starts |
November 2016 |
1,090,000 |
Down 18.7% from Oct. 2016: U.S. Census Bureau |
Construction Spending |
October 2016 |
$1,172.6.4 billion |
Up 0.5% from Sept. 2016 Source: Econ Stats Adm. |
Building Permits |
November 2016 |
1,201,000 |
Do 4.7% from October 2016: U.S. Census Bureau |
Other |
World Population |
January 3, 2017 |
7,362,851,059 |
Higher: U.S. Census Bureau |
U.S. Population |
January 3, 2017 |
324,321,654 |
Up again...U.S. Census Bureau |
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UNLIMITED WANTS AND NEEDS A basic condition of human existence which means that people are never totally satisfied with the quantity and variety of goods and services the consume. It means that people never get enough, that there's always something else that they would want or need. Unlimited wants and needs are one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is limited resources.
Complete Entry | Visit the WEB*pedia |
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Laying The Groundrules On REGULATION Our journey has brought us to the "Rs," which means, among other things, that my feet are trifle bit sore. Fortunately, we've also found ourselves at the front door of the Good Time Pharmacy. (Isn't coincidence wonderful?) My quick shopping trip for a pair of cushioned insoles, analgesic rub, and an ankle wrap is lengthened, however, by crossing paths with the normally quiet Stella von Steincamp. Stella, the pharmacist and proprietor of the Good Time Pharmacy, has taken the opportunity of our meeting to voice a rather vehement complaint over a new Shady Valley city government pharmaceutical regulation mandating the use of disposable rubber gloves when preparing and dispensing medicine. She is livid! Her primary complaint (among several) is that the cost of this regulation will send her pharmacy onto a short path into bankruptcy. In the interest of maintaining pharmaceutical services for the residents of Shady Valley, I think, would should explore this topic of government regulation.
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Visit the PEDestrian's Guide
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BEIGE MUNDORTLE [What's This?]
Today, you are likely to spend a great deal of time strolling through a department store wanting to buy either an AC adapter that works with your MPG player or rechargeable batteries. Be on the lookout for jovial bank tellers. Your Complete Scope
This isn't me! What am I?
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"It is the mark of an educated mind to be able to entertain a thought without accepting it." -- Aristotle
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AACP American Assocation of Commercial Publications
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