March 21, 2018 

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HIGH-POWERED MONEY: Also termed the monetary base, the total of currency held by the nonbank public, vault cash held by banks, and Federal Reserve deposits of the banks. This contains the monetary components over which the Federal Reserve System has relatively complete control and is often used as a guide for the Fed's money control ability and monetary policy.

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Lesson 3: Scarcity | Unit 1: The Concept Page: 2 of 17

Topic: So What? <=PAGE BACK | PAGE NEXT=>

We live in a big, bad world of scarcity.


  • There's never enough resources to produce everything that everyone wants,
  • Some people have to do without some of the stuff that they want or need,
  • The same resources can not be used to produce two different goods at the same time, and
  • Doing one thing, producing one good, performing one activity, forces you to give up something else.


  • Scarcity is what the study of economics is all about.

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The change in total factor cost resulting from a change in the quantity of factor input employed by a perfectly competitive firm. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.

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[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store trying to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for rusty deck screws.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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