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MARKET CLEARING: The price and quantity that equates the quantity demanded and quantity supplied; equates the demand price and supply price; and achieves market equilibrium. In other words, the market is "cleared" of shortages and surpluses.
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Lesson 1: Economic Basics | Unit 3: The Economy
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Page: 7 of 18
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Because of the scarcity problem, we need a way to divide up what we have. This is accomplished by an economy. An economy is a system of production, distribution, and consumption of resources, goods, and services that addresses the basic economic problem of scarcity and answers the three questions of allocation: What? How? For Whom?
Economies rely on markets and government to perform the allocation task. The allocation processes involves the institutions of: - Markets allocate resources through voluntary choices made by people--buyers and sellers.
- Government allocates resources through involuntary taxes, laws, restrictions, and regulations imposed on these people.
Both are important methods of allocation.
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BANK BALANCE SHEET A record of the assets, liabilities, and net worth of a bank at a given point in time. Assets are what a bank owns. Liabilities are what a bank owes. Net worth is the difference between the two and what is claimed by or owed to the owners of the bank. By definition, a balance sheet must balance. The assets on one side are equal to the liabilities and net worth on the other.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a remote controlled World War I bi-plane or a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for telephone calls from former employers.
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This isn't me! What am I?
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"The roots of education are bitter, but the fruit is sweet." -- Aristotle, philosopher
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APC
Average Propensity to Consume
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