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ZERO BOND: Also termed a zero coupon bond, a bond that does not pay interest, in which the return is generated by the difference between the purchase price and the face value paid at maturity. Because they do not pay interest, zero bonds are sold at a discount. For example, a $10,000 zero bond that matures in one year, would generate a 10% return if it sold at a discount of $9,000.
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Lesson 1: Economic Basics | Unit 1: Economics
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Page: 2 of 18
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An understanding of economics also involves:Scarcity. We have limited resources, but unlimited wants and needs. The study of economics is essentially the study of scarcity.Opportunity Cost. Using resources for one alternative prevents using them for another. Opportunity cost is the highest valued alternative.Analysis. Economics is an analytical discipline that answers 'What if...?' questions.
Scarcity dictates that we must answer the three basic questions of allocation are:- What? What goods and services will be produced with society's resources?
- How? How will society's resources be used to produce the goods and services?
- For whom? Who receives the goods and services produced with society's resources?
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COMPENSATING WAGE DIFFERENTIALS Different wages paid to different workers or in different markets that adjust for differences in the jobs or in the productivity of the workers. Wage differentials occur for many reasons. Quite often they are the result of the personal preferences of workers. In some cases workers are willing to "buy" leisure-time or other types of household production by taking lower wages. Differences in job risks, education, and location are also reasons for the persistence of wage differentials.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a remote controlled World War I bi-plane or a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for deranged pelicans.
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This isn't me! What am I?
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Act well at the moment, and you have performed a good action for all eternity." -- Johann Kaspar Lavater
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SELA
Latin American Economic System
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