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OPPORTUNITY COST, PRODUCTION POSSIBILITIES: The production possibilities analysis, which is the alternative combinations of two goods that an economy can produce with given resources and technology, can be used to illustrate opportunity cost--the highest valued alternative foregone in the pursuit of an activity.
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Lesson 1: Economic Basics | Unit 5: Policies
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Page: 14 of 18
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Because markets are imperfect, government is prompted to intervene with economic policies.- Economic policies are government actions designed to affect economic activity and pursue one or more economic goals.
Policies can take the form of:- Laws passed by legislatures.
- Administrative actions taken by elected executives.
- Rules set forth by government agencies.
- Decisions made through the courts.
The government has four types of policies.- Fiscal policy: Based on government's power to collect taxes from the public and spend those funds as it chooses. Used for income redistribution and macroeconomic performance.
- Monetary policy: Based on government's centralized control of the money supply. Used for macroeconomic performance.
- Regulatory policy: Based on government's ability to enact laws, rules and restrictions. Used for efficiency and equity
- Judicial policy: Based on government's ability to enforce laws through the courts. Used for efficiency and equity
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FALLACIES Logical errors in an argument or evaluation of a policy. The six common fallacies that surface in economic analysis are: false cause, personal attack, division, composition, false authority, and mass appeal. These fallacies are most troublesome because, although false, they seem correct, especially when used by slick-talking, charismatic people (politicians) or when the fallacies support preconceived notions or fundamental beliefs.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area seeking to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for letters from the Internal Revenue Service.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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"You are never given a dream without also being given the power to make it true." -- Richard Bach, Author
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CBOE
Chicago Board Options Exchange
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