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February 5, 2023 

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NEAR MONEY: Assets that are highly liquid, and can be easily exchanged for money, but can not be used directly to purchase goods. The best examples are savings accounts, certificates of deposit, and similar bank accounts. These savings near monies are added to M1 to derived M2. Several investment type near monies are added to M2 to derived M3.

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Lesson Contents
Unit 1: Economics
  • Definition
  • More...
  • Unit 1 Summary
  • Unit 2: Doing Economics
  • Science and Policy
  • The Fields
  • Unit 2 Summary
  • Unit 3: The Economy
  • An Economy
  • A Mixed Economy: Markets and Government
  • A Mixed Economy: The Mix
  • Unit 3 Summary
  • Unit 4: Economic Goals
  • Economic Goals
  • Tradeoffs
  • Unit 4 Summary
  • Unit 5: Economic Policies
  • The Concept
  • Reasons
  • Problems
  • Unit 5 Summary
  • Course Home
    Economic Basics

    Being the very first lesson in this course, this provides an introduction and overview of economics. You'll come across a lot of basic concepts and terms. The full importance of these may not become apparent until later lessons, but they will be important. The five units making up this lesson set the stage for the further study of economics.

    • The first unit offers up a basic definition and provides two useful lists -- the three questions of allocation and the seven rules of economics.
    • The second unit then explores the practice of economics, including positive and normative economics, macroeconomics and microeconomics, and six common logical fallacies.
    • In the third unit, we turn our attention to the economy, especially how real world economies contain a mix of markets and governments.
    • We then examine the five basic goals of a mixed economy in the fourth unit, include the three macro goals of full employment, stability, and growth; and the two micro goals of efficiency and equity.
    • The fifth and final unit in this lesson considers assorted economic policies that governments use to achieve the five economic goals.

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    TAX INCIDENCE

    The portion of a tax paid by each side of a market based on differences in the pre-tax equilibrium price and the after-tax demand price and supply price. Because a tax drives a wedge between demand price and supply price, the incidence or burden of a tax typically falls on both buyers and sellers. How much each side pays depends on the relative price elasticity of demand and supply. Buyers pay the entire tax only in the case of a perfectly elastic supply or perfectly inelastic demand. Sellers pay the entire tax only in the case of a perfectly elastic demand or perfectly inelastic supply.

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    APLS

    BROWN PRAGMATOX
    [What's This?]

    Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a decorative windchime with plastic or a flower arrangement for that special day for your mother. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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    This isn't me! What am I?

    The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
    "Live in such a way that you would not be ashamed to sell your parrot to the town gossip."

    -- Will Rogers

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