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MACROECONOMIC MARKETS: Three sets of markets that make up the macroeconomy--product, financial, and resource--which exchange the three primary types of macroeconomic commodities--gross production, legal claims, and factor services. The four macroeconomic sectors--household, business, government, and foreign--interact through these three sets of markets. The primary objective of macroeconomic theories is to explain activity that takes place in these three sets of markets.
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Lesson 17: Money | Unit 4: Money's History
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Page: 18 of 25
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Because barter has limitations, the double coincidence of needs, peoples used commodities as money. Commodity money: - When they began using a widely desired commodity, they created commodity money.
- Commodity money has value in use and value in trade.
- The value in use dictates value in trade.
- Some commodities are better than others in terms of the four money characteristics.
- Our ancestors tried many different commodities before finding one type that fits the characteristics better than most metals.
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LABOR FORCE The total number of people in an economy, society, or country willing and able to exert mental and/or physical efforts in productive activities. The labor force is a more technical term for the labor resource or labor supply. It includes both employed workers and unemployed workers. An official variation of this term is civilian labor force. While labor force may or may not include military personnel, the civilian labor force explicitly excludes the military. Labor and labor resources are the theoretical terms that economists like to banter about. Labor force and civilian labor force are the terms of choice for government policy makers, data-crunchers, and others who need precise labor resource numbers.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store hoping to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for high interest rates.
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This isn't me! What am I?
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"Everyone is bound to bear patiently the results of his own example. " -- Phaedrus, Philosopher
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IIA
Irrelevance of Independent Alternatives
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