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BUREAU OF ECONOMIC ANALYSIS: An agency of the U.S. Federal government, specifically a branch of the U.S. Department of Commerce, that compiles and reports a wide range of economic data and measurements. At the top of their list of important economic numbers maintained by what is abbreviated the BEA, is the National Income and Product Accounts, which includes gross domestic product and the broad assortment of related measures of income and production. Economists rely heavily on the BEA to provide data needed to evaluate and analyze the macroeconomy.
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Lesson 17: Money | Unit 4: Money's History
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Page: 19 of 25
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Topic:
Metal Commodity Money
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Metals are a natural for use as a commodity money.- The most important characteristic of metals is durability.
- Some people erroneously think that metals and only metals are true money.
Metals: - They are extremely durable, quite divisible, relatively easy to transport and difficult to counterfeit.
- They are not perfect.
Drawbacks: - Transportability: Metals are heavy.
- Value in use affects value in exchange: A change in the market price brought by disruptions of the market, affect value in exchange and can play havoc with the economy.
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EFFICIENT INFORMATION SEARCH A comparison between the cost of acquiring information and the benefit generated by the information such that it is not possible to increase welfare or well being by acquiring any more of any less information. Efficient information search is achieved by equating the marginal cost of search with the benefit of search. This efficiency is comparable to the profit-maximizing decision by a producer and the utility-maximizing decision by a consumer.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for telephone calls from long-lost relatives.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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FIFO
First In First Out
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