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REAL ECONOMY: The physical side of the economy dealing with goods, services and resources. This side is concerned with using resources to produce the goods and services that make the satisfaction of wants and needs possible. This should be contrasted with the paper economy, or financial side of the economy.
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Lesson 9: Macro Basics | Unit 4: Policies
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Page: 12 of 16
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People can take different views of government and economic polices that depend on political philosophies.- Liberal Democrat: The view that government is the only way to keep the economy running smoothly, using paternalistic, hands-on policies. If a problem arises, then government is the answer.
- Conservative Republican: The view that government is the problem, not the solution. The best government is the least government because it is a tyrannical oppressor of individual rights and freedoms.
- One view or the other is usually the basis of an economic policy.
The government can be the solution and it can be the problem.
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M3 The wide-range monetary aggregate for the U.S. economy containing the combination of M2 (currency, checkable deposits, and assorted savings deposits) and large-denomination, institutional near monies. M3 contains financial assets that are relatively liquid, but not quite as liquid as those found in M1 or M2. The near monies added to M2 to derive M3 include large denomination certificates of deposit, institutional money market mutual funds, repurchase agreements, and Eurodollars. M3 is one of three monetary aggregates tracked and reported by the Federal Reserve System. The other two are designated M1 and M2.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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AEA
American Economic Association
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