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June 22, 2018 

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IMF: The abbreviation for International Monetary Fund, which is an agency of the United Nations established in 1945 to monitor and stabilize foreign exchange markets. Close to 150 of the world's nations (which is just about all of them) belong to the IMF. The IMF was set up to keep countries from manipulating their exchange rates in such a way as to gain a competitive trading advantage over others. Their strategies of control have changed over the decades, but they currently use a managed float where exchange rates are allowed to fluctuate with changing market conditions, but only within certain ranges. The IMF also plays an active role in providing the "international" currency needed to participate in foreign trade through its system of Special Drawing Rights.

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Lesson 9: Macro Basics | Unit 5: Issues Page: 16 of 16

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  • How differing views on the 'best' economic policies result from basic differences in ideologies, values, and beliefs, and from vested interests of those benefitting from policies.
  • Why we have alternative, competing macroeconomic theories because of differing political views and the inability to undertake definitive tests of each theory.


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PROPRIETORSHIP

A business organization that is owned and operated by one person. The owner and the business are legally considered one and the same. As such, the owner receives any and all profit and is responsible for any and all debts, what is termed unlimited liability. A proprietorship is one of the three basic forms of business organization. The other two are partnership and corporation. A large number of proprietorships exist in the economy, but they tend to be relatively small operations.

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Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either a coffee cup commemorating the moon landing or a how-to book on surfing the Internet. Be on the lookout for broken fingernail clippers.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"Whenever you fall, pick up something. "

-- Oswald Avery, scientist

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