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AMERICAN ENTERPRISE INSTITUTE: A private organization that seeks to maintain and strengthen the foundations of freedom through scholarly research, open debate, and publications. The American Enterprise Institute for Public Policy Research (as it is officially designated) promotes the principles of limited government, private enterprise, vital cultural and political institutions, and a strong foreign policy and national defense. The American Enterprise Institute (AEI) publishes dozens of books and hundreds of articles and reports each year, and an influential policy magazine called The American Enterprise. The AEI is one of the largest and most respected "think tanks" in the United States. The AEI, which was founded in 1943, is located in Washington, D.C.

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Lesson 3: Scarcity | Unit 2: Resources Page: 8 of 17

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  • The use of limited resources (factors of production) to produce goods and services that satisfy wants and needs.
  • The four basic types of resources: labor, capital, land, and entrepreneurship.
  • Labor as the human effort used to produce goods.
  • Capital as the manufactured resource used in production.
  • Land as the natural resources that provide the materials used in goods.
  • Entrepreneurship as the factor that combines other resources in the production process.
  • Differences between limited, scarce, and free resources.
  • The fuzzy areas of overlap between the different types of resources.

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AUTONOMOUS INVESTMENT

Business investment expenditures that do not depend on income or production (especially national income or even gross domestic product). That is, changes in income do not generate changes in investment. Autonomous investment is best thought of as investment that the business sector undertakes regardless of the state of the economy. It is measured by the intercept term of the investment line. The alternative to autonomous investment is induced investment, which does depend on income.

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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a birthday gift for your father that doesn't look like every other birthday gift for your father or a green fountain pen. Be on the lookout for vindictive digital clocks with revenge on their minds.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

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