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PAPER CURRENCY: Paper usually issued by the national government that are used as money. Metal coins are also frequently included under the generic heading of currency. Currency in the U.S. economy is issued by the Federal Reserve System (paper) and the U.S. Treasury (coins). This constitutes about 30 to 40 percent of the M1 money supply. Most modern currency is fiat money.

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Lesson 4: Production Possibilities | Unit 4: Analysis Page: 18 of 24

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  • How full employment is represented by any bundle ON the production possibilities curve and unemployment is represented by any bundle INSIDE the production possibilities curve.
  • The production possibilities curve as a frontier or boundary that cannot be cross give current quantities and qualities of resources.
  • How the process of economic growth expands the production possibilities curve to reach previously unreachable bundles of goods.
  • How economic growth is achieved by increasing the quantity or quality of resources.
  • Five important sources of economic growth-the quantity of labor, the quantity of capital, the quantity of materials, education, and technology.


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AGGREGATE MARKET SHOCKS

Disruptions of the equilibrium in the aggregate market (or AS-AD model) caused by shifts of the aggregate demand, short-run aggregate supply, or long-run aggregate supply curves. Shocks of the aggregate market are associated with, and thus used to analyze, assorted macroeconomic phenomena such as business cycles, unemployment, inflation, stabilization policies, and economic growth. The specific analysis of aggregate market shocks identifies changes in the price level (GDP price deflator) and real production (real GDP). Changes in the price level and real production have direct implications for the unemployment rate, the inflation rate, national income, and a host of other macroeconomic measures.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius hoping to buy either a how-to book on the art of negotiation or a flower arrangement for your aunt. Be on the lookout for door-to-door salesmen.
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John Maynard Keynes was born the same year Karl Marx died.
"He who has a „why¾ to live can bear with almost any „how.""

-- Friedrich Nietzsche, Philosopher

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