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January 16, 2018 

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VOLUNTARY EXCHANGE: The process of willingly trading one item for another. The emphasis here is on "willingly." Voluntary exchanges are the heart and soul of market transactions, and should be contrasted with the "involuntary" exchanges mandated by government taxes, laws, and regulations. While involuntary government-forced exchanges play an important role in a mixed economy, economists really, really like voluntary market exchanges because they promote economic efficiency.

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Lesson 4: Production Possibilities | Unit 5: Investment Page: 23 of 24

Topic: Scarcity <=PAGE BACK | PAGE NEXT=>

Scarcity is THE economic problem. Investment in capital goods is the source of economic growth and progress that lessens the scarcity problem.
  • Some investment is good, but lot of investment is not necessarily better.
  • If we produce only capital goods and no consumption goods, eventually, with no consumption, people would die.
  • The trick is to strike a balance between capital goods and consumption goods.
  • Answering this question puts us into the realm of normative economics.

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BANK PANIC

An economy-wide problem in the financial sector and the banking industry that triggers an economy-wide business-cycle contraction or even depression. Bank panics were common throughout the 1800s and early 1900s, during which time they where the primary cause of business-cycle downturns. Bank panics usually involved bank runs that spread from bank to bank throughout the economy.

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APLS

RED AGGRESSERINE
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Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for fairy dust that tastes like salt.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
"Good humor is a tonic for mind and body. It is the best antidote for anxiety and depression. It is a business asset. It attracts and keeps friends. It lightens human burdens. It is the direct route to serenity and contentment."

-- Grenville Kleiser, Author

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