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LOCAL BONDS: Also called municipal bonds, these are medium or long-term financial instruments issued by municipalities to borrow the funds used to build schools, highways, parks and other public projects. An attractive feature of these financial instruments is that are exempt from federal income tax. Commercial banks, corporations, and others with large sums of funds to lend usually purchase these bonds.
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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. An economy can be simple, such as that illustrated by the hilarious antics of the hapless passengers and crew of the U.S.S. Minnow on the highly popular economic documentary, Gilligan's Island. Or it can be exceedingly complex, such as the modern U.S. economy with millions of workers, thousands of corporations, and trillions of dollars worth of capital that are used to produce trillions of dollars worth of goods and services for millions of people.Production and ConsumptionThe 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). Production involves the transformation of labor, capital, land, and entrepreneurship into more valuable goods and services. Consumption is then the use of these goods and services to satisfy the wants and needs of people.Markets and GovernmentVirtually all economies accomplish this production-consumption task through a combination of decisions made through voluntary market exchanges and involuntary government laws, rules, and regulations. Capitalism is the term used for those economies relying predominately on markets, while communism and socialism are the names for economies coming down more heavily on the side of government decision making.
Recommended Citation:ECONOMY, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: April 26, 2019].
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for the last item on a shelf.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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JEMS
Journal of Economics and Management Strategy
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