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April 26, 2018 

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POVERTY RATE: The proportion of the population that lies beneath the official poverty line. For example, if the total population of the country is 270 million, and 40 million have incomes placing them below the official poverty line, then the poverty rate is 14.8%.

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Lesson 17: Money | Unit 1: Money Basics Page: 1 of 25

Topic: What It Is <=PAGE BACK | PAGE NEXT=>

Money can be just about anything.

Two points:

  1. The 'thing' part: Money is an asset, something of value. In modern world we use paper currency, coins or checks.
  2. The 'any' part: Anything can function as money. What money is, is less important than what money does.

Money is something that can be readily traded for valuable assets.

A definition:

  • Money is anything that is generally accepted in exchange for goods and services.
  • Money can be pieces of paper, metal coins, bank accounts, animal skins, shiny trinkets, or anything as long as it is generally accepted by society as payment.

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BUSINESS CYCLE INDICATORS

Assorted economic statistics that provide valuable information about the expansions and contractions of business cycles. These statistics are grouped into three sets--lagging, coincident, and leading. Leading economic indicators tend to move up or down a few months BEFORE business-cycle expansions and contractions. Coincident economic indicators tend to reach their peaks and troughs AT THE SAME TIME as business cycles. Lagging economic indicators tend to rise or fall a few months AFTER business-cycle expansions and contractions.

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Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for high interest rates.
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Two and a half gallons of oil are needed to produce one automobile tire.
"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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American Farm Economic Association
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