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X: The standard abbreviation for exports produced by the foreign sector and purchased by the domestic economy, especially when used in the study of macroeconomics. This abbreviation is most often seen in the aggregate expenditure equation, AE = C + I + G + (X - M), where C, I, G, and (X - M) represent expenditures by the four macroeconomic sectors, household, business, government, and foreign. The United States, for example, sells a lot of the stuff produced within our boundaries to other countries, including wheat, beef, cars, furniture, and, well, almost every variety of product you care to name.

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Lesson 1: Economic Basics | Unit 3: The Economy Page: 10 of 18

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  • How an economy is a system of rules, procedures, and institutions designed to address the problem of scarcity.
  • How a mixed economy used the two methods of allocation--markets and government.
  • The continuum of real world mixed economies that are bounded by the two theoretical extremes of a pure market economy and a pure command economy.
  • The degree to which the mixed U.S. economy relies on markets and government to allocate resources.

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TAX EFFECTS

The primary reason that governments collect taxes from members of society is to finance government operations and provide public goods. However, taxes also create disincentives to engage in the taxed activity, which causes a change in the allocation of resources. This two consequences of taxes are summarized in two essential tax effects -- the revenue effect and the allocation effect. While all taxes have both, the key to effective government is minimize the allocation effect if the goal is to generate revenue and to minimize the revenue effect if the goal is to change the allocation of resources.

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Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either several magazines on fashion design or a package of 3 by 5 index cards, the ones without lines. Be on the lookout for neighborhood pets, especially belligerent parrots.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"No amount of business school training or work experience can teach what is ultimately a matter of personal character. "

-- Truett Cathy, Chick-fil-A Inc. founder

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