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ECONOMIC THINKING: A way of looking at, and analyzing, the way the world works by comparing the costs of an action with the benefits generated. Economic thinking arises from scarcity, which exists because wants and needs and unlimited but resources are limited. This means virtually all actions incur an opportunity cost. Identifying the cost of an action, no matter how hidden or subtle it may be, is the essence of economic thinking.
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Lesson 1: Economic Basics | Unit 5: Policies
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Page: 17 of 18
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- The use of government policies to pursue the five economic goals of a mixed economy.
- The four government policies used to pursue economic goals: fiscal, monetary, regulatory, judicial.
- The five reasons for government action: instability, public goods, limited competition, externalities, and inadequate information.
- The four imperfections of government action: voter apathy, special interest groups, re-election minded politicians, and complex bureaucracies.
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M2 The medium-range monetary aggregate for the U.S. economy containing the combination of M1 (currency and checkable deposits) and short-term, small denomination near monies. M2 contains financial assets that either function directly as money for the U.S. economy or can be easily and quickly converted into money. The near monies added to M1 to derive M2 include savings deposits, certificates of deposit, money market deposits, and money market mutual funds. M2 is one of three monetary aggregates tracked and reported by the Federal Reserve System. The other two are designated M1 and M3.
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BEIGE MUNDORTLE [What's This?]
Today, you are likely to spend a great deal of time at a flea market wanting to buy either a how-to book on home remodeling or a tall storage cabinet with five shelves and a secure lock. 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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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"Always vote for principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost. " -- John Quincy Adams, 6th US president
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VAT Value Added Tax
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