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INDUSTRY: A collection of firms that produce similar products sold in the same market. The concept of industry is most often used synonymously with market in most microeconomic analysis. That is, the study of perfect competition or oligopoly is not only the study of market structures, but also the study of industrial structure.
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Lesson 17: Money | Unit 1: Money Basics
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Page: 2 of 25
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The notion of general acceptance makes money THE medium of exchange for economic transactions. It must be generally accepted. - Two types of value:
- Value in use (intrinsic value): An item provides satisfaction of wants and needs.
- Value in exchange: An item does not provide satisfaction directly but can be traded for something that does.
- Money may or may not have value in use, but to be a medium of exchange, it must have value in exchange.
Money is an economic lubricant. - Too much money prompts inflationary expansion and too little entices recessionary unemployment.
- The challenge is to maintain the proper balance between too much and too little.
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RESOURCE ALLOCATION The process of distributing resources for the production of goods and services which are then distributed for the satisfaction of wants and needs and human consumption. This is also commonly referred to by the single word "allocation." The resource allocation process is an essential part of an economy's effort to address the problem of scarcity
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"Just as iron rusts from disuse, even so does inaction spoil the intellect. " -- Leonardo da Vinci, architect, artist
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IQ
Import Quota
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