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ECONOMY: The system of production, distribution, and consumption of goods and services that a society uses to address the problem of scarcity. The essential task of an economy is to transform resources into useful goods and services (the act of production), then distribute or allocate these products to useful ends (the act of consumption). Virtually all economies accomplish this task through a combination of decisions made through voluntary market exchanges and involuntary government rules and regulations.
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CHANGE IN DEMAND A shift of the demand curve caused by a change in one of the demand determinants. A change in demand is caused by any factor affecting demand EXCEPT price. A related, but distinct, concept is a change in quantity demanded.
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The Depths Of DEPRESSIONIn the discussion of recession we see that one of the problems confronting both pedestrians and the economy is stepping in an occasional pothole. These potholes are usually small and do little damage. Every now and then, however, our economy falls face first into one humdinger of pothole that's big enough to swallow the better part of a marching band. Rather than a mere recessionary pothole, these are best thought of as depressionary canyons. The Great Depression of the 1930s was the most memorable depressionary canyon on record for the good old U. S. of A. The question we need to ponder over the next few pages is: Are there any more depressionary canyons like the 1930s lurking along the economic pavement?
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for neighborhood pets, especially belligerent parrots.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"Lord, where we are wrong, make us willing to change; where we are right, make us easy to live with. " -- Peter Marshall, US Senate chaplain
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