Google
Thursday 
October 18, 2018 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
VERIFIED PRINCIPLE: A generally accepted, verified, fundamental law of nature that has been tested against and verified with real world data. A verified principle begins as an hypotheses implied by a theory, which is then compared against real world observations. If the hypothesis is consistently supported by data, it achieves the rank "verified" principle. This should be contrasted with unverifiable axiom.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

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.

Course Home | Lesson Menu | Page Back | Page Next

OTHER PRICES, DEMAND DETERMINANT

The prices of other goods that influence the decision to purchase a particular good, which are assumed constant when a demand curve is constructed. Other prices can be for goods that are either substitutes-in-consumption or complements-in-consumption. This is one of five demand determinants that shift the demand curve when they change. The other four are other prices, buyers' preferences, buyers' expectations, and number of buyers.

Complete Entry | Visit the WEB*pedia


APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for the last item on a shelf.
Your Complete Scope

This isn't me! What am I?

The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
"Executives who get there and stay suggest solutions when they present the problems. "

-- Malcolm Forbes, business executive

BOJ
Bank of Japan
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2018 AmosWEB*LLC
Send comments or questions to: WebMaster