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September 18, 2018 

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ORDINAL: A measurement based on a ranking, such as first, second, and third, that enables a relative comparison of more or less. Relative comparability means, for example, that first is more than second and second is more than third, but how much more is not known. Cardinal measures, which use a quantitative measurement scale, is an alternative type of measure. An ordinal measure can be thought of as a list for high to low, good to bad, top to bottom, and are often based on subjective evaluations of items. The notion of ordinal measurement is most often seen in the economic analysis of indifference curves and utility.

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Lesson 1: Economic Basics | Unit 4: Goals Page: 13 of 18

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  • The three macroeconomic goals of full employment, stability, and growth.
  • The two microeconomic goals of efficiency and equity.
  • The tradeoffs that exist between the five economic goals and why the pursuit of one goal prevents pursuit of another.

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EXCHANGE RATE

The price of the currency of one country stated in terms of the currency of another country, that is, the rate of exchange of one currency for another. Exchange rates, also termed foreign exchange rates, are prices determined in foreign exchange markets that are set up to trade the currencies of different nations (foreign exchange). In general, exchange rates reflect the overall health, vitality, and productivity of a nation's economy. However, because exchange rates also affect international trade (exports and imports) among nations they are often subject to governmental policy control.

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Today, you are likely to spend a great deal of time watching infomercials hoping to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for gnomes hiding in cypress trees.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
"As the births of living creatures at first are ill-shapen, so are all innovations, which are the births of time. "

-- Sir Francis Bacon, philosopher

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