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THIRD RULE OF INEQUALITY: The third of seven basic rules of the economy. It is a fact of life that resources, income, and wealth are not equally distributed. Some people have more and some people have less. Why is this so? We can look to the age-old distinction between nature and nurture for insight. On the nature side, some people are born with more talents, abilities and intelligence than others, which they use to gain ownership and control of income-generating and wealth-producing resources. On the nurture side, some people work harder to develop skills, acquire education, and uncover opportunities that lead to ownership and control of income-generating and wealth-producing resources (human capital).
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Lesson 15: Aggregate Market | Unit 1: The Concept
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Page: 4 of 22
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The aggregate market combines two sides, those who buy, aggregate demand, and those who sell, aggregate supply.- Aggregate demand is the spending by the four basic sectors of the economy: household, business, government, and foreign sector.
- Aggregate supply is the economy's producers -- the factors of production: labor, capital, land, and entrepreneurship.
- The aggregate market is the mechanism through which buyers and sellers come together to exchange the economy's production.
The AD curves represents the demand side of the aggregate market.
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STANDARD OF DEFERRED PAYMENT The money function in which money is used as a standard benchmark for specifying future payments for current purchases, that is, buying now and paying later. This function may seem obscure, but it is a direct result of the store of value and unit of account functions. This is one of four basic functions of money. The other three are medium of exchange, unit of account, and store of value.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials trying to buy either a cross-cut paper shredder or a birthday greeting card for your father. Be on the lookout for a thesaurus filled with typos.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"Progress always involves risk. You can't steal second base and keep your foot on first. " -- Frederick B. Wilcox
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ADV FRT
Advance Freight
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