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June 27, 2022 

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SCARCE: The general condition indicating that a good or resource is limited relative to the what people want. In terms of ALL resources and goods throughout society, the related term scarcity is used. Being scarce is what makes it possible to exchange goods and resources through markets, and most importantly, charge a price. If a good is not scarce, which means that the economy has more than enough to satisfy all available uses, then there is no way to sell it. Who would buy such an item, pay a price for it, give up something of value in exchange for it, when it is so abundant? Likewise, if a item is so abundant, using it to satisfy one use does not impose an opportunity cost on other uses.

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CREDIT UNION: A non-profit depository institution chartered by the National Credit Union Administration that was established to provide members of specific group, such as employees of a company, with low-cost banking services. However, credit unions have expanded their activities and now provide most of the services of traditional banks, including checkable deposits.

     See also | bank | National Credit Union Administration | traditional bank | checkable deposits | savings and loan association | mutual savings bank | fractional-reserve banking |


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MONOPOLISTIC COMPETITION, CHARACTERISTICS

The four key characteristics of monopolistic competition are: (1) large number of small firms, (2) similar but not identical products sold by the firms, (3) relative freedom of entry into and exit out of the industry, and (4) extensive knowledge of prices and technology.

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either a Boston Red Sox baseball cap or a square lamp shade with frills along the bottom. Be on the lookout for mail order catalogs with hidden messages.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

-- Henry David Thoreau, philosopher

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National Economic Development Council
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