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POTENTIAL REAL GROSS DOMESTIC PRODUCT: The total real output (real gross domestic product) that the economy could produce if resources are fully employed. In other words, the economy is operating ON the production possibilities frontier. Full employment is generally indicated by achieving what is termed the natural unemployment rate, which is an unemployment rate in the neighborhood of about 5%. If the economy is at full employment then actual gross domestic product is equal to potential gross domestic product and the actual unemployment rate is equal to the natural unemployment rate. The macroeconomy is thus living up to its potential, at least in terms of producing wants-and-needs satisfying goods and services.

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Lesson 7: Market | Unit 1: The Exchange Page: 1 of 22

Topic: What It Is <=PAGE BACK | PAGE NEXT=>

Market is the term we used to indicate voluntary trades among buyers and sellers. These trade involve a mutually agreeable quantity at a mutually agreeable price.

A definition:

A market is an organized exchange of commodities (including resources, goods, and services) among buyers and sellers, during a given time period.

Four important points about markets.

1. Markets are voluntary trades among buyers who want something (the demand side) and sellers who have something (the supply side).

2. The most important items traded are the goods and services that people consume, and the resources used to produce these goods and services.

3. Markets are the voluntary means of facing the scarcity problem. Government is the involuntary way of the facing scarcity problem.

4. Like demand and supply, markets are analyzed over a given time period.


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TIGHT MONEY

A general condition of the economy in which money is not relatively abundant nor plentiful. In modern times, this condition arises when the monetary authority (Federal Reserve System) undertakes contractionary monetary policy. With tight money, interest rates are generally higher and inflation tends to remain low. The alternative to tight money is easy money.

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APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either handcrafted decorations to hang on your walls or throw pillows for your bed. Be on the lookout for deranged pelicans.
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This isn't me! What am I?

The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
"Being defeated is only a temporary condition; giving up is what makes it permanent."

-- Marilyn vos Savant, Author

JPE
Journal of Political Economy
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