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COMMODITY MONEY: A medium of exchange (money) with both value in use and value in exchange. Commodity money is first and foremost a commodity that provides users with satisfaction of their wants and needs. However, it also has the secondary function of a medium of exchange.

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Lesson 1: Economic Basics | Unit 5: Policies Page: 14 of 18

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Because markets are imperfect, government is prompted to intervene with economic policies.
  • Economic policies are government actions designed to affect economic activity and pursue one or more economic goals.
Policies can take the form of:
  • Laws passed by legislatures.
  • Administrative actions taken by elected executives.
  • Rules set forth by government agencies.
  • Decisions made through the courts.
The government has four types of policies.
  • Fiscal policy: Based on government's power to collect taxes from the public and spend those funds as it chooses. Used for income redistribution and macroeconomic performance.
  • Monetary policy: Based on government's centralized control of the money supply. Used for macroeconomic performance.
  • Regulatory policy: Based on government's ability to enact laws, rules and restrictions. Used for efficiency and equity
  • Judicial policy: Based on government's ability to enforce laws through the courts. Used for efficiency and equity

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CAPITALISM

A type of economy, or economic system, based on--(1) private ownership of most resources, goods, and other assets; (2) freedom to generally use the privately-owned resources, goods, and other assets to get the most wages, rent, interest, and profit possible; and (3) a system of relatively competitive markets.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for pencil sharpeners with an attitude.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
"Good humor is a tonic for mind and body. It is the best antidote for anxiety and depression. It is a business asset. It attracts and keeps friends. It lightens human burdens. It is the direct route to serenity and contentment."

-- Grenville Kleiser, Author

FXA
Foreign Exchange Agreement
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