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ABSOLUTE POVERTY: The amount of income a person or family needs to purchase an absolute amount of the basic necessities of life. These basic necessities are identified in terms of calories of food, BTUs of energy, square feet of living space, etc. The problem with the absolute poverty level is that there really are no absolutes when in comes to consuming goods. You can consume a given poverty level of calories eating relatively expensive steak, relatively inexpensive pasta, or garbage from a restaurant dumpster. The income needed to acquire each of these calorie "minimums" vary greatly. That's why some prefer relative poverty.

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Lesson 17: Money | Unit 3: Monetary Aggregates Page: 16 of 25

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  • The concept and definition of M1, which is the sum of currency and coins held by the non-bank public, and checkable deposits.
  • That credit cards are not part of M1, they are not money.
  • That M2 is a broader measure of money that includes M1 plus what we can call near money, that is, temporary savings, a pool of funds that can be accessed quickly and easily.
  • That near monies are savings and that there are several different types of savings: standard savings accounts, certificates of deposit (CDs), money market funds, overnight Eurodollars and overnight repurchase agreements.
  • M3 is equal to M2 plus other near monies which include larger denomination certificates of deposit and longer-term repurchase agreements.
  • Liquid assets L, are the economy's total financial assets that can be converted to M1.

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INCOME EARNED BUT NOT RECEIVED

The three types of income earned but not received (IEBNR) by the factors of production are Social Security taxes, corporate profits taxes, and undistributed corporate profits. IEBNR is subtracted from national income to calculate personal income.

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Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a case for your designer sunglasses or arch supports for your shoes. Be on the lookout for defective microphones.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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