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COMMON MARKET: An agreement among two or more nations to eliminate trade restrictions with each other, to adopt a common trade policy with other nations, and to allow free movement of resources among their countries. There is, however, no effort to adopt common monetary or fiscal policies. This is considered the third of four levels of integration among nations. Customs union, economic union, and free-trade area are the other three levels.

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Lesson 17: Money | Unit 5: Scarcity Page: 24 of 25

Topic: Monetary Policy <=PAGE BACK | PAGE NEXT=>

The key to money is control, that is, monetary policy.

Money is not the root of evil, but it can cause problems:

  • Too much money, can cause inflation.
  • Too little money, can cause a recession.

Therefore:

  • Government is given regulatory responsibility over money. We don't let people print their own money.

However:

  • Government leaders could also use money control for personal reasons.
  • Ideologies play an important role.

The bottom line:

  • Money must be controlled. When they control money they achieve some goals and prevent others.

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LONG-RUN TOTAL COST

The opportunity cost incurred by all of the factors of production used in the long run (when all inputs are variable) by a firm to produce a good or service, including wages paid to labor, rent paid for the land, interest paid to capital owners, and a normal profit earned by entrepreneurs. Unlike short-run total cost, long-run total cost cannot be separated into fixed cost and variable cost. In the long run, all inputs are variable, so all cost is variable.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a how-to book on meeting people or clothing for your pet iguana. Be on the lookout for defective microphones.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"Now is the only time there is. Make your now wow, your minutes miracles, and your days pay. Your life will have been magnificently lived and invested, and when you die you will have made a difference."

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