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NATIONAL BUREAU OF ECONOMIC RESEARCH: A private, nonprofit, nonpartisan organization established in 1920 that promotes research into, and an understanding of, the workings of the economy. In addition to a relative small in-house staff (a few dozen), the National Bureau of Economic Research (NBER) includes several hundred of the best and the brightest economic professors at major universities as NBER researchers. At last count, a dozen Nobel Prize winners have included the title of NBER researcher on their resumes. The NBER sponsors research on assorted topics, including the development of quantitative economic measures and the analysis of public policies.
Visit the GLOSS*arama
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Lesson Contents
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Unit 1: Economics |
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Unit 2: Doing Economics |
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Unit 3: The Economy |
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Unit 4: Economic Goals |
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Unit 5: Economic Policies | |
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Economic Basics
This lesson provides an introduction and overview of economics. You'll come across a number of basic concepts and terms. The full importance of these might not be apparent until later lessons, but they WILL be important. Like other lessons to come, this one is divided into five units. - The first unit, Economics, offers up a definition of economics and provides two useful lists -- the three questions of allocation and the seven rules of economics.
- The second unit, Doing Economics, explores the practice of economics, including positive and normative economics, macroeconomics and microeconomics, and six common logical fallacies.
- In the third unit, An Economy, we turn our attention to real world economies that contain a mix of markets and governments.
- We then examine the five basic goals of a mixed economy in the fourth unit, Economic Goals, including the three macro goals of full employment, stability, and growth; and the two micro goals of efficiency and equity.
- The fifth and final unit in this lesson, Economic Policies, considers assorted economic policies that governments use to achieve the five economic goals.
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BALANCE ON SERVICES A subset of the balance of payments current account that records the difference between the payments received for exports of services to other nations and the payments made for the imports of services from other nations. The flow of payments is for intangible services, not for physical or tangible goods. The balance on services is thus appropriately divided into services exported and services imported. Two other subsets of the current account include the balance on merchandise trade and unilateral transfers. The commonly termed balance of trade is the sum of the balance on merchandise trade and the balance on services.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a looseleaf notebook binder or hand lotion, a big bottle of hand lotion. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
Your Complete Scope
This isn't me! What am I?
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"Wise men speak because they have something to say; Fools because they have to say something. " -- Plato, philosopher
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PPC
Production Possibilities Curve
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