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ACCUMULATION: The process of acquiring an item and adding that item to others previously acquired. In an economic context this most often refers to the accumulation of capital, as in the phrase "capital accumulation." However, it is also used in the context of consumer durable goods, financial assets, money, wealth, and a host of other "stock" variables. When applied to capital, the process of accumulation occurs through investment.

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Lesson 17: Money | Unit 5: Scarcity Page: 23 of 25

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

Money is critical to the production, consumption, and exchange activities that take place in a complex economy.
  • We could not have a complex economy without money.
  • Money is so important because it makes our system more efficient.
  • With money we can use our limited resources to provide more satisfaction of our unlimited wants and needs.

Two reasons:

  • First: Money improves efficiency by reducing the amount of resources that would be needed for barter exchanges.
  • Second: Money improves efficiency by letting resources specialize in production.

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UNDERGROUND ECONOMY

Illegal and unreported market transactions and productive activity that escape the watchful eyes of official record keepers. By most estimates, a substantial amount of productive activity takes place in the underground economy of the United States. Of course, these are only estimates because such activity, by definition, goes unreported. If activity in the underground economy is added to official activity in the "overground" economy, then gross domestic product could be boosted by as much as 25 percent to 50 percent, or more. Inclusion of employment in the underground economy is also likely reduce the official unemployment rate by a few percentage points.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time at an auction hoping to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for pencil sharpeners with an attitude.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
"When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, I used everything you gave me."

-- Erma Bombeck, writer

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