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DOW JONES AVERAGES: These are the most widely used and recognized indexes of stock market prices in our economy. There are actually three separate indexes, for (1) 30 industrial stocks, (2) 20 transportation stocks, and (3) 15 utility stocks. There's also a composite index for all 65 stocks.
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Lesson 17: Money | Unit 1: Money Basics
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Page: 3 of 25
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- The basic definition of money, which is anything that is generally accepted in exchange for goods and services.
- That money is something that can be readily traded for valuable assets.
- That money is THE medium through which market exchanges travel.
- The two types of value:
- Value in use which means an item provides satisfaction of wants and needs.
- Value in exchange which means an item does not provide satisfaction directly but can be traded for something that does.
- That money is an economic lubricant and that much money prompts inflationary expansion and too little entices recessionary unemployment.
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RELATIVELY INELASTIC An elasticity alternative in which relatively large changes in one variable (usually price) cause relatively small changes in another variable (usually quantity). In other words, quantity is not very responsive to price. Quantity does change, but not much, in response to large changes in price. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Relatively inelastic is one of five elasticity alternatives. The other four are perfectly elastic, perfectly inelastic, relatively elastic, and unit elastic.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"You can't build a reputation on what you are going to do." -- Henry Ford, automaker
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M
Imports
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