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January 23, 2018 

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HOUSING STARTS: The number of residential buildings (single-family and multi-family) construction units begun during a given time period (usually one month) based on the number of building permits issued. Housing starts are sensitive to interest rate changes and reflect the household sectors willingness to invest in new construction. It is a key indicator of business-cycle activity. More specifically, it is one of the 12 leading economic indicators tracked by the Bureau of Economic Analysis.

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Lesson 1: Economic Basics | Unit 3: The Economy Page: 9 of 18

Topic: A Mixed Economy: The Mix <=PAGE BACK | PAGE NEXT=>

A pure market economy and a pure command economy are two theoretical extremes in the allocation of resources.
  • Real world economies form a continuum bounded by these two extremes. They are mixed economies:
  • A mixed economy is one that relies on both markets and government to allocate resources.
  • Market-oriented economies, also called capitalism, are mixed economies that lean heavily to the market end.
  • Socialism and communism are mixed economies that lean more (a lot more) toward government control.

The mixed U.S. economy leans heavily to the market end of the market-government continuum.

Three indicators of government involvement:
  • Taxes: Government controls about 1/3 of the revenue generated in the economy each year.
  • Spending: Government buys 20% of the goods produced each year.
  • Regulations: Government influences many allocation decisions through laws, rules, and other restrictions.

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SAVING FUNCTION

A mathematical relation between saving and income by the household sector. The saving function can be stated as an equation, usually a simple linear equation, or as a diagram designated as the saving line. This function captures the saving-income relation, the flip side of the consumption-income relation that forms one of the key building blocks for Keynesian economics. The two key parameters of the saving function are the intercept term, which indicates autonomous saving, and the slope, which is the marginal propensity to save and indicates induced saving. The injections-leakages model used in Keynesian economics is based on the saving function.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for neighborhood pets, especially belligerent parrots.
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The average length of a "business lunch" is about 36 minutes.
"Lead the life that will make you kindly and friendly to everyone about you, and you will be surprised what a happy life you will lead."

-- Charles M. Schwab

AFEA
American Farm Economic Association
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