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PERFECT COMPETITION, LONG-RUN EQUILIBRIUM CONDITIONS: The long-run equilibrium of a perfectly competitive industry generates six specific equilibrium conditions, including: (1) economic efficiency (P = MC), (2) profit maximization (MR = MC), (3) perfect competition (MR = AR = P), (4) breakeven output (P = AR = ATC), (5) minimum production cost (MC = ATC), and (6) minimum efficient scale (MC = ATC = LRAC = LRMC).
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Lesson 17: Money | Unit 3: Monetary Aggregates
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Page: 14 of 25
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M3 is equal to M2 plus other near monies.- We have five trillion dollars of M3.
- M3 averaged over 270 million people in the U. S. is about $18,000 per person.
- Other near monies added to M3 are less liquid than the M2 near monies.
- M3 other near monies are essentially investments.
M3 other near monies: - Larger denomination certificates of deposit and longer-term repurchase agreements.
- M2 includes CDs less than $10,000.
- M3 includes CDs over $100,000.
- M3 includes repurchase agreements and Eurodollars of longer duration than the ones M2 includes.
- These longer term and bigger M3 other near monies are less liquid than the M2 near monies.
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GROSS NATIONAL PRODUCT The total market value of all final goods and services produced by the citizens of an economy during a given period of time, usually one year. Gross national product, often abbreviated simply as GNP, was once the official measure of how much output the U.S. economy produced. In the early 1990s, however, it was replaced by gross domestic product (GDP).
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for telephone calls from former employers.
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This isn't me! What am I?
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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KLIC
Kullback-Leibler Information Criterion
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