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ALLOCATION: The process of distributing resources for the production of goods and services, and of distributing goods and services for consumption by households. This process of allocation is essential to an economy's effort to address the problem of scarcity. An allocation is efficient if the resources, goods, and services are distributed according to the economy's highest valued uses.
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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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AMERICAN ECONOMIC ASSOCIATION A formal organization of professional economists that promotes economic research, organizes annual meetings and conferences, and maintains a list of publications in several economics subjects. The American Economic Association (AEA) was originally organized by a small group interested in economics at a meeting in 1888 in Saratoga, New York. However, as interest in the subject grew, it officially incorporated in 1923. Although the AEA contained only a small number of members in the beginning, today the membership is approximately 18,000. In addition, about 4,600 libraries, institutions, and firms subscribe to the quarterly publications of the AEA.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store trying to buy either a case of blank recordable DVDs or a pair of red goulashes with shiny buckles. Be on the lookout for slightly overweight pizza delivery guys.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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WLS
Weighted Least Squares
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