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JUST IN TIME: A method of production in which inputs used in the production process are delivered to a firm or factory immediately before they are needed. Just in time limits the inventories of raw materials and intermediate goods kept on site. While this is credited with improving microeconomic production efficiency, it might also prevent macroeconomic business-cycle instability that is attributable to the unplanned build-up of business inventories.
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Lesson 17: Money | Unit 4: Money's History
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Page: 17 of 25
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A long time ago, our ancestors realized that life could be better with a little trading.- Our ancestors first satisfied their own wants and needs.
- Then, self-sufficiency gave way to barter.
Two reasons for barter: - First: Barter lets resources specialize in production.
- Second: With barter trades, people can access a wider variety of goods than they could produce on their own.
- Barter is a more effective way of satisfying our wants and needs.
However barter is not perfect: - We need double coincidence of wants.
- It takes resources for trades.
Therefore: - Our ancestors progressed to the next stage: commodity money.
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POLITICAL GAME The political system can be thought of as a game, a contest between two groups of players. Rulers are the ones who set the rules. Rulees are the ones who must abide by the rules. The political game, of course, has serious consequences, with winners and losers. The distribution, either concentrated or dispersed, of these consequences can have a profound effect on the game. The study of public choice provides insight into the economic efficiency with which the political game is played.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for celebrities who speak directly to you through your television.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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CFA
Cash Flow Accounting
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