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LABOR: One of the four basic categories of resources, or factors of production (the other three are capital, land, and entrepreneurship). Labor is the services and efforts of humans that are used for production. While labor is commonly thought of as those who work in factories, it includes all human efforts (except entrepreneurship), such as those provided by clerical workers, technicians, professionals, managers, and even company presidents.
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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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TRADE BARRIERS Policies enacted by the government sector of a domestic economy to discourage imports from the foreign sector. The three most common trade barriers are tariffs, import quotas, and non-tariff barriers. Trade barriers are designed to discourage imports which not only creates or increases a country's balance of trade surplus and thus increase net exports, but also to protect the domestic economy.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?
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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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"Man is born to live, not to prepare for life. " -- Boris Pasternak, writer
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ACRS
Accelerated Cost Recovery System
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