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DISCRETIONARY POLICY: Government policies that involve explicit actions designed to achieve specific goals. A common type of discretionary policy is that designed to stabilize business cycles, reduce unemployment, and lower inflation, through government spending and taxes (fiscal policy) or the money supply (monetary policy). Discretionary policies are also termed activist policies because they involve active decisions by government. A contrast to discretionary policy is automatic stabilizers that help stabilize business cycles without explicit government actions.

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Lesson 3: Scarcity | Unit 2: Resources Page: 7 of 17

Topic: Comparisons <=PAGE BACK | PAGE NEXT=>

Some times the differences between these four resource types are not clear cut.
  • What is the difference between entrepreneurship and labor? Do they have membership cards?
  • What is the difference between labor and capital? Aren't people produced?
  • What is the difference between land and capital? Is farmland natural or is it produced like capital?

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SCARCE GOOD

A tangible item produced with society's limited resources for the purpose of satisfying wants and needs. As a general notion, the phrase scarce good can also commonly include intangible services produced with society's limited resources for the purpose of satisfying wants and needs. A synonymous term for scarce good is economic good.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time searching for rummage sales trying to buy either a pair of blue silicon oven mitts or a coffee cup commemorating the 2000 Olympics. Be on the lookout for high interest rates.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, I used everything you gave me."

-- Erma Bombeck, writer

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