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January 18, 2019 

AmosWEB means Economics with a Touch of Whimsy!

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NO-RESERVE BANKING: A (hypothetical) method of banking in which banks keep 0 percent of their deposits in the form of bank reserves, meaning that ALL deposits are used for interest-paying loans. No-reserve banking is one of two theoretical alternatives designed to help illustrate a contrast to the fractional-reserve banking actually practiced by modern banks. The other alternative is full-reserve banking. With the no-reserve approach a bank operates as financial intermediary or broker, matching up borrowers and lenders.

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Lesson Contents
Unit 1: The Concept
  • A Definition
  • So What?
  • Unit 1 Summary
  • Unit 2: Resources
  • Factors
  • Working Together
  • Free or Scarce?
  • Comparisons
  • Unit 2 Summary
  • Unit 3: Opportunity Cost
  • The Concept
  • Economic Cost
  • Unit 3 Summary
  • Unit 4: College Cost
  • Out of Pocket
  • What Else?
  • Unit 4 Summary
  • Unit 5: THE Problem
  • No Free Lunch
  • Solutions?
  • Unit 5 Summary
  • Course Home
    Scarcity

    In this lesson you'll see why scarcity tends to make economists grumpy. You'll see that scarcity is a perpetual condition that exists because people have unlimited wants and needs, but limited resources used to satisfy these wants and needs. You'll also see how this scarcity problem underlies the common notion of cost, which is integral to the study of economics. The five units contained in this lesson provide a tour through the economic problem of scarcity.

    • The first unit examines the fundamental concept of scarcity -- the combination of limited resources and unlimited wants and needs -- that is virtually synonymous with the study of economics.
    • The second unit discusses the four basic categories of limited resources --labor, capital, land, and entrepreneurship -- that produce the goods that are used to satisfy unlimited wants and needs.
    • In the third unit, we take a look at the notion of opportunity cost and see how it is related to the scarcity problem.
    • We then turn out attention in the fourth unit to a simple example of the explicit and implicit costs of attending college.
    • The fifth and final unit in this lesson then ponders why scarcity is considered THE economic problem and providing a little insight into why economists are grump.

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    GOOD

    A physical, tangible item or product used to satisfy wants and needs. A good is produced using society's resources and represents a fundamental aspect of the economy. Limited resources are used to produced the goods that satisfy unlimited wants and needs in an ongoing effort to address the problem of scarcity.

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    APLS

    BEIGE MUNDORTLE
    [What's This?]

    Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either software that won't crash your computer or any book written by Stephan King. Be on the lookout for small children selling products door-to-door.
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