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RESOURCE PRICES: One of the five supply determinants assumed constant when a supply curve is constructed, and that shift the supply curve when they change. The other four are technology, other prices, sellers' expectations, and number of sellers. Resource prices, the prices paid to use the factors of production (labor, capital, land, and entrepreneurship) affect production cost and thus producers' ability to sell goods. In general, if sellers face higher resource prices, then they have less ABILITY to sell goods.
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Lesson 17: Money | Unit 4: Money's History
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Page: 20 of 25
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Fiat money has little or no value in use compared to value in exchange. The value in exchange of fiat money is under control of an authority, usually government. The transition: - First: Paper currency was backed by metal stored in a secure location. The paper could be traded for equivalent amounts of silver or gold.
- Second: Because no one traded paper currency for metal, metal wasn't needed to back the paper. They just need a paper currency-to-metal exchange rate.
- Third: Authorities stopped fixing the currency-to-metal exchange price. Paper currency was valuable based on the ability to purchase goods.
A two-edged sword: - Authority acquires the ability to control money and also the responsibility.
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MACROECONOMIC SECTORS The four aggregate sectors of the macroeconomy--household, business, government, and foreign--that reflect four key macroeconomic functions and are responsible for four expenditures on gross domestic product. These four sectors are the primary "actors" on the macroeconomic stage. Macroeconomic theories then explain macroeconomic phenomena by exploring the interaction among these four sectors.
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Al Capone's business card said he was a used furniture dealer.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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BOP
Balance of Payments
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