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SCARCE GOOD: A resource with an available quantity less than its desired use. Scarce resources are also called factors of production. Scarce goods are also termed economic goods. Scarce resources are used to produce scarce goods. Like the more general society-wide condition of scarcity, a given resource is scarce because it has a limited availability in combination with a greater (potentially unlimited) productive use. It's both of these that make it scarce. In other words, even though an item is quite limited it will not be a scarce resource if it has few if any uses (think pocket lint and free good).

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Lesson 11: Circular Flow | Unit 3: Government Page: 14 of 22

Topic: Government Borrowing <=PAGE BACK | PAGE NEXT=>

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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PEAK

The transition of a business-cycle expansion to a business-cycle contraction. The end of an expansion carries this descriptive term of peak, or the highest level of economic reached in recent times. A peak is one of two turning points. The other, the transition from contraction to expansion, is a trough. Turning points are important because they represent the transition from bad to good or good to bad.

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Today, you are likely to spend a great deal of time at a garage sale trying to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for small children selling products door-to-door.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. "

-- Steve Jobs, Apple Computer founder

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