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FINANCIAL MARKET: A market that trades financial assets. Financial assets are the legal claims on the real assets in our economy and include such notable items as corporate stocks and bonds, government securities, and money. Without financial markets our economy would find it almost impossible to accumulate the funds needed for investment in big, expensive capital projects.

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Lesson 3: Scarcity | Unit 4: College Cost Page: 12 of 17

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An example of the opportunity cost of attending college.
  • Tuition, fees, textbooks, sliderule, etc. ($932.71 per semester) is an explicit opportunity cost.
  • The opportunity cost is all other things that you could have bought with this money-fuzzy dice, hot fudge sundaes, a used Ford Pinto, music CDs.
  • The tuition cost of your college degree is the added up over all semesters ($7,461,68).
However, the TOTAL COST actually goes well beyond this explicit $7,461,68 payment, since there are other costs that don't involve a money payment:
  • By attending school you have foregone alternative activities like working.
  • Unearned income, $15,000 per year, $60,000 for four years, is an extremely important implicit opportunity cost of a college education.
  • Implicit opportunity costs need not have a dollar value attached.
  • The foregone satisfaction from activities like watching television or sleeping, are also implicit opportunity costs.

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LEAKAGES

Non-consumption uses of aggregate income. The three uses of income grouped under the heading of leakages are saving, taxes, and imports. Leakages subtract from the core circular flow containing consumption, production, and income. The injections-leakages model is a Keynesian economics analysis that combines leakages with injections (investment expenditures, government purchases and exports) to identify the equilibrium level of aggregate production and income.

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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time wandering around the downtown area seeking to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for letters from the Internal Revenue Service.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
"You are never given a dream without also being given the power to make it true."

-- Richard Bach, Author

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