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GOVERNMENT FUNCTIONS: Activities that are more efficiently performed by government than by private sector households and business. In fact, historical evidence (that is, 10,000 years of civilization--more or less) strongly indicates that we, regularly human-being-type people, are willing to put of with the coercive shenanigans of government (taxes, laws, regulations, abuse of power, oppression of the masses, meaningless wars) only because government does perform useful functions. Fire is the best analogy for government. When raging out of control both fire and government can cause horrific devastation. But when controlled, both can provide unparalleled good.
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Lesson 17: Money | Unit 5: Scarcity
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Page: 23 of 25
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Money is critical to the production, consumption, and exchange activities that take place in a complex economy.- We could not have a complex economy without money.
- Money is so important because it makes our system more efficient.
- With money we can use our limited resources to provide more satisfaction of our unlimited wants and needs.
Two reasons: - First: Money improves efficiency by reducing the amount of resources that would be needed for barter exchanges.
- Second: Money improves efficiency by letting resources specialize in production.
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AUCTION A formal market exchange in which prospective buyers make bids to purchase a commodity. An auction is an effective way of exchanging commodities by bringing together buyers and sellers. Auctions are commonly used to exchange financial instruments, agricultural commodities, personal assets, and works of art. Three notable types of auctions are English, Dutch, and sealed-bid.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a replacement remote control for your stereo system or a computer that can play video games and burn DVDs. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"You can't build a reputation on what you are going to do." -- Henry Ford, automaker
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APT
Arbitrage Pricing Theory
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