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UNFAIR COMPETITION: A wide assortment of business practices that are deceptive and dishonest, and usually hamper competition. Examples of unfair competition include false or misleading advertising, price discrimination, bribery, and even industrial espionage. These practices and many, many more are illegal according to antitrust law, specifically the Federal Trade Commission Act (1914).
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Lesson Contents
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Unit 1: Money Basics |
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Unit 2: More About Money |
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Unit 3: Monetary Aggregates |
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Unit 4: Money's History |
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Unit 5: Scarcity | |
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Money
In this lesson, we examine my favorite economic topic -- money. In addition to being the root of all evil, money is a critical component of the macroeconomy. The basic rule is that too much money causes inflation and too little money causes unemployment. To lay the foundation for further study of money and the macroeconomy, this lesson presents the money basics, including what money is, what money does, how money is measured, and how money evolved to it's current format. - The first unit begins this lesson with a look at what money is (hint: anything that people use for exchanges), and money's role as a medium of exchange.
- The main topics of the second unit are the four functions of money and the four characteristics of money.
- The third unit then examines and compares the monetary aggregates, the official measures of money tracked by the U.S. government.
- The history of money is the prime topic of the fourth unit, with a look at how modern fiat money evolved from self sufficiency, barter, and commodity money.
- The fifth unit then ponders the connection between money, efficiency, and the scarcity problem, with an eye toward the use of monetary policies.
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DECREASING-COST INDUSTRY A perfectly competitive industry with a negatively-sloped long-run industry supply curve that results because expansion of the industry causes lower production cost and resource prices. A decreasing-cost industry occurs because the entry of new firms, prompted by an increase in demand, causes the long-run average cost curve of each firm to shift downward, which decreases the minimum efficient scale of production.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"All labor that uplifts humanity has dignity and importance and should be undertaken with painstaking excellence. " -- Martin Luther King Jr., civil rights leader
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AER
American Economic Review
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