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M3: The wide-range monetary aggregate for the U.S. economy containing the combination of M2 (currency, checkable deposits, and assorted savings deposits) and large-denomination, institutional near monies. M3 contains financial assets that are relatively liquid, but not quite as liquid as those found in M1 or M2. The near monies added to M2 to derive M3 include large denomination certificates of deposit, institutional money market mutual funds, repurchase agreements, and Eurodollars. M3 is one of three monetary aggregates tracked and reported by the Federal Reserve System. The other two are designated M1 and M2.

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Lesson 1: Economic Basics | Unit 2: Doing Economics Page: 4 of 18

Topic: Science and Policy <=PAGE BACK | PAGE NEXT=>

The study of economics involves both scientific investigation and policy analysis.

Economists practice both:

  • Positive economics, which uses the scientific method to uncover the basic mechanism of the economy. It seeks to describe the way this world is ARE.
  • Normative economics, which is the policy side of economics. It seeks to prescribe the way the world SHOULD BE.

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PUBLIC CHOICE

The study of collective decisions made by groups of individuals, especially those decisions made by government organizations. As the name suggests, public choice is primarily the study of how choices (decisions) are made by the public (government) sector. Such choices are made, in principle, on behalf of the public or all members of society, to correct market failures or imperfections in the private sector. However, in that the world is imperfect on all fronts, the government sector also comes up short in many cases, with inefficient imperfections due to election seeking politicians, ignorant and abstaining voters, special interest groups, and government bureaucracies.

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APLS

GREEN LOGIGUIN
[What's This?]

Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for broken fingernail clippers.
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This isn't me! What am I?

One of the largest markets for gold in the United States is the manufacturing of class rings.
"How wonderful it is that nobody need wait a single moment before starting to improve the world. "

-- Anne Frank, diarist

NI
National Income, Net Income
A PEDestrian's Guide
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