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ECONOMIC PROFIT: The difference between business revenue and total opportunity cost. This is the revenue received by a business over and above the minimum needed to produce a good. In this sense, economic profit is a sign of inefficiency. If a business receives an economic profit, then society (the buyers) are spending more on a good than society (the resource owners) are giving up to produce the good.
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Lesson 17: Money | Unit 3: Monetary Aggregates
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Page: 11 of 25
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The United States uses currency, coins, and checks as money, which is M1. We have several different 'definitions' of money called monetary aggregates. Monetary aggregate M1: - It is the sum of currency and coins held by the non-bank public, and checkable deposits.
- These are the items in our economy that are generally accepted in payment and regularly used for market transactions.
- We have over one trillion dollars of M1.
- Total M1 averaged over 270 million people in the U. S. is about $4,000 per person.
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UNEMPLOYMENT The general condition in which resources are willing and able to produce goods and services but are not engaged in productive activities. While unemployment is most commonly thought of in terms of labor, any of the other factors of production (capital, land, and entrepreneurship) can be unemployed. The analysis of unemployment, especially labor unemployment, goes hand-in-hand with the study of macroeconomics that emerged from the Great Depression of the 1930s. The most common measure of unemployment is the unemployment rate of labor. Unemployment is one of two primary macroeconomic problems. The other is inflation.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for cardboard boxes.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
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"You can't build a reputation on what you are going to do." -- Henry Ford, automaker
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EER
European Economic Review
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