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M1: The narrow-range monetary aggregate for the U.S. economy containing the combination of currency (and coins) issued by government and held by the nonbank public and checkable deposits issued by banking institutions. M1 contains the two items that function as THE medium of exchange for the U.S. economy. M1 is one of three monetary aggregates tracked and reported by the Federal Reserve System. The other two are designated M2 and M3.
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Lesson 3: Scarcity | Unit 5: THE Problem
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Page: 15 of 17
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An important aspect of scarcity is the fact that almost nothing is free.- That's why economists are fond of saying: 'There ain't no such thing as a free lunch.
We have always faced limited resources and we've always wanted more than we can produce.- Scarcity is definitely THE Economic Problem.
- Everything we do from in economic terms-production, consumption, working, attending college-is directed toward this problem.
- Scarcity is important to many, perhaps even all, other human activities.
- Education? Without scarcity, education is not needed.
- Government? Without scarcity, government is not needed.
- What about vacations, religion, television?
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FACTOR DEMAND ELASTICITY The elasticity of a factor demand curve is affected by four items: (1) the price elasticity of demand for the good produced, (2) the production function technology and elasticity of marginal physical product, (3) the ease of factor substitutability, and (4) the share of the factor's cost relative to total cost. Changes in any of these four items cause the price elasticity of factor demand to change. In other words, the quantity of factor services demanded becomes more or less sensitive to changes in the factor price.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for rusty deck screws.
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The average length of a "business lunch" is about 36 minutes.
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"It takes generosity to discover the whole through others. If you realize you are only a violin, you can open yourself up to the world by playing your role in the concert. " -- Jacques Yves Cousteau, marine explorer
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LPG
Liquid Petroleum Gas
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