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SERVICES, CONSUMPTION: Personal consumption expenditures on activities that provide direct satisfaction of wants and needs without the production of tangible goods. Common examples are information, entertainment, and education. This is one of three categories of personal consumption expenditures in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are durable goods (see durable goods, consumption) and nondurable goods (see nondurable goods, consumption). Services are about 60% of personal consumption expenditures and 40% of gross domestic product.

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Lesson 17: Money | Unit 3: Monetary Aggregates Page: 11 of 25

Topic: M1 <=PAGE BACK | PAGE NEXT=>

The United States uses currency, coins, and checks as money, which is M1.

We have several different 'definitions' of money called monetary aggregates.

Monetary aggregate M1:

  • It is the sum of currency and coins held by the non-bank public, and checkable deposits.
  • These are the items in our economy that are generally accepted in payment and regularly used for market transactions.
  • We have over one trillion dollars of M1.
  • Total M1 averaged over 270 million people in the U. S. is about $4,000 per person.

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INSTITUTION

An established method or way of performing an activity that is widely accepted throughout society. Institutions provide the rules, guidelines, and structure needed to carry out day-to-day economic activities, such as production, consumption, and exchange.

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Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for celebrities who speak directly to you through your television.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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