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X: The standard abbreviation for exports produced by the foreign sector and purchased by the domestic economy, especially when used in the study of macroeconomics. This abbreviation is most often seen in the aggregate expenditure equation, AE = C + I + G + (X - M), where C, I, G, and (X - M) represent expenditures by the four macroeconomic sectors, household, business, government, and foreign. The United States, for example, sells a lot of the stuff produced within our boundaries to other countries, including wheat, beef, cars, furniture, and, well, almost every variety of product you care to name.

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Lesson 1: Economic Basics | Unit 1: Economics Page: 2 of 18

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An understanding of economics also involves:

Scarcity. We have limited resources, but unlimited wants and needs. The study of economics is essentially the study of scarcity.
Opportunity Cost. Using resources for one alternative prevents using them for another. Opportunity cost is the highest valued alternative.
Analysis. Economics is an analytical discipline that answers 'What if...?' questions.

Scarcity dictates that we must answer the three basic questions of allocation are:
  • What? What goods and services will be produced with society's resources?
  • How? How will society's resources be used to produce the goods and services?
  • For whom? Who receives the goods and services produced with society's resources?

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HOUSEHOLD SECTOR

The aggregate macroeconomic sector that includes the entire wants and-needs-satisfying population of the economy. The primary economic role of the household sector is consumption. The share of gross domestic product purchased by the household sector is termed consumption expenditures. This is one of four macroeconomic sectors. The other three are business sector, government sector, and foreign sector.

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Today, you are likely to spend a great deal of time watching infomercials looking to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for attractive cable television service repair people.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
"Give the American people a good cause, and there's nothing they can't lick. "

-- John Wayne, actor

EMU
European Monetary Union
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