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RESERVES: The vault cash and deposits at the Federal Reserve System that banks use to complete day-to-day transactions.

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Lesson 3: Scarcity | Unit 2: Resources Page: 8 of 17

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  • The use of limited resources (factors of production) to produce goods and services that satisfy wants and needs.
  • The four basic types of resources: labor, capital, land, and entrepreneurship.
  • Labor as the human effort used to produce goods.
  • Capital as the manufactured resource used in production.
  • Land as the natural resources that provide the materials used in goods.
  • Entrepreneurship as the factor that combines other resources in the production process.
  • Differences between limited, scarce, and free resources.
  • The fuzzy areas of overlap between the different types of resources.

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PRODUCER PRICE INDEX

An index of the prices domestic producers receive from selling their output. THE Producer Price Index (PPI) is actually one of several producer price indexes compiled and published monthly by the Bureau of Labor Statistics (BLS). Others track prices for different industries and goods. This is also one of several noted price indexes used to track economic activity. Others include the Consumer Price Index (CPI) and the GDP price deflator.

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APLS

BLUE PLACIDOLA
[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a graduation present for your niece or nephew or a toaster oven that has convection cooking. Be on the lookout for rusty deck screws.
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This isn't me! What am I?

Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
"The past cannot be changed. The future is yet in your power. "

-- Hugh White, U.S. Senator

CPS
Current Population Survey (US)
A PEDestrian's Guide
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