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SCARCE RESOURCE: 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 13: Aggregate Demand | Unit 2: Doing More Page: 8 of 22

Topic: Net Exports <=PAGE BACK | PAGE NEXT=>

The foreign sector, everyone who is not a citizen of our domestic economy, also purchases domestic production. These are termed net exports.

Net exports are exports minus imports.

  • Exports are purchases of domestic production by the foreign sector.
  • Imports are the purchases of foreign production by the domestic sector.
  • Net exports gives us an overall picture of how our economy interacts with the foreign sector.
  • Calculating net exports by subtracting imports gives us aggregate expenditures on domestic production only.

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BANK ASSETS

What a bank owns, including loans, reserves, investment securities, and physical assets. Bank assets are typically listed on the left-hand side of a bank's balance sheet. Bank liabilities, what a bank owes, are listed on the right-hand side of a bank's balance sheet. Net worth is the difference between assets and liabilities. The largest asset category of most bank is loans, which generates interest revenue. A critical asset category used to maintain the safety of deposits is reserves (vault cash and Federal Reserve deposits).

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for small children selling products door-to-door.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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