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PERSONAL CONSUMPTION EXPENDITURES: The official item in the National Income and Product Accounts maintained by the Bureau of Economic Analysis measuring household consumption expenditures on gross domestic product. Personal consumption expenditures are far and away the largest and tends to be the most stable of the four expenditures, averaging about 65-70% of gross domestic product. The other official expenditures included in the National Income and Product Accounts are gross private domestic investment, government consumption expenditures and gross investment, and net exports of goods and services.

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Lesson 17: Money | Unit 2: More About Money Page: 5 of 25

Topic: Medium of Exchange <=PAGE BACK | PAGE NEXT=>

The primary function of money is to as THE medium of exchange.

An economy without money:

  • Barter exchange happens when you trade one good for another.
  • A barter economy is one that uses nothing but barter trades, no money.
  • Barter requires double coincidence of wants: I must want what you have and you must want what I have.
  • With no money, resources are used for trading and not for production.

The bottom line:

  • Using money as a medium of exchange eases the exchange process, makes it more efficient, and frees resources for production.

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TAX WEDGE

The difference between demand price and supply price that is created when a tax is imposed on a market. Placing a tax on a market disrupts what otherwise would be an equilibrium equality between demand price and supply price. A tax wedge results because the tax is included in the demand price paid by buyers but not in the supply price received by sellers. With standard demand (negative slope) and supply (positive slope) curves, the incidence of the tax (who pays) is divided between buyers and sellers.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for gnomes hiding in cypress trees.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
"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."

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