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LAISSEZ FAIRE: A french term that translates into "leave us alone." It has become the rallying cry for many business leaders of the second estate who oppose government intervention, regulation, or even taxation. It's based on the belief that markets alone can achieve an efficient allocation of our resources. This laissez faire philosophy of should be contrasted directly with the philosophy of paternalism, which essentially says "Government needs to care for you because you can't care for yourself."
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Lesson 17: Money | Unit 1: Money Basics
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Page: 1 of 25
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Money can be just about anything. Two points: - The 'thing' part: Money is an asset, something of value. In modern world we use paper currency, coins or checks.
- The 'any' part: Anything can function as money. What money is, is less important than what money does.
Money is something that can be readily traded for valuable assets. A definition: - Money is anything that is generally accepted in exchange for goods and services.
- Money can be pieces of paper, metal coins, bank accounts, animal skins, shiny trinkets, or anything as long as it is generally accepted by society as payment.
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SHORT-RUN AGGREGATE SUPPLY The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a period of time in which some prices, especially wages, are rigid, inflexible, or otherwise in the process of adjusting. Short-run aggregate supply, commonly abbreviated SRAS, is one of two aggregate supply alternatives, distinguished by the degree of price flexibility. The other is long-run aggregate supply. Short-run aggregate supply is combined with aggregate demand in the short-run aggregate market analysis used to analyze business-cycle instability, unemployment, inflation, government stabilization policies, and related macroeconomic topics.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store seeking to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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L
Total Liquid Assets
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