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WEALTH: The net ownership of material possessions and productive resources. In other words, the difference between physical and financial assets that you own and the liabilities that you owe. Wealth includes all of the tangible consumer stuff that you possess, like cars, houses, clothes, jewelry, etc.; any financial assets, like stocks, bonds, bank accounts, that you lay claim to; and your ownership of resources, including labor, capital, and natural resources. Of course, you must deduct any debts you owe.
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Lesson 11: Circular Flow | Unit 3: Government
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Page: 14 of 22
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Topic:
Government Borrowing
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When government does not collect enough taxes to pay for purchases, it borrows through the financial markets.- The federal deficit is borrowing by the federal government to make up the difference between taxes and spending.
- State and local governments also borrow through financial markets.
- The green flow leaving the financial markets and entering the government sector is government borrowing.
- Government sector purchases can be less than taxes, which means government saves to the financial markets.
- Many state and local governments actually save. State and local saving reduces total government sector borrowing in times of high federal deficits.
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LOSS MINIMIZATION RULE A rule stating that a firm minimizes economic loss by producing output in the short run that equates marginal revenue and marginal cost if price is less than average total cost but greater than average variable cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and shutdown (if price is less than average variable cost).
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a T-shirt commemorating yesterday or a pair of handcrafted oven mitts. Be on the lookout for small children selling products door-to-door.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"Try not to become a man of success but rather to become a man of value. " -- Albert Einstein
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CABEI
Central American Bank for Economic Integration
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