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DISCRETIONARY: A specific choice, act, or decision, often designed to achieve a particular goal. The term is commonly used in economics in reference to government policies, such as discretionary fiscal policy or discretionary monetary policy. In both examples, government undertakes explicit actions through changes in government spending, taxes, the money supply, or interest rates to stabilize the business cycle. Discretionary is also frequently used to modify income, spending, expenditures, or comparable terms to capture choices made over the use of income. Discretionary income, for example, is the amount of after-tax household income that can be used for either consumption spending or saving.

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Lesson 17: Money | Unit 2: More About Money Page: 9 of 25

Topic: Characteristics <=PAGE BACK | PAGE NEXT=>

There are four characteristics that let money do what money does.

Four characteristics:

  1. Durable: It helps to retain value from one exchange to the next and store value for future exchanges.
  2. Divisible: It lets us accurately match an amount of money to the precise value of a good.
  3. Transportable: It lets us to conduct exchanges far and wide, to go where we need to go for an exchange.
  4. Non-counterfeitable: It keeps the value of money from being diluted.

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ECONOMIC PROFIT

The difference between the total opportunity cost of production and the total revenue received by a firm. Economic profit is what remains after ALL opportunity cost associated with production (including a normal profit) is deducted from the revenue generated by the production. Economic profit is one of three alternative notions of profit. The other two are accounting profit and normal profit.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for infected paper cuts.
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Lombard Street is London's equivalent of New York's Wall Street.
"Always vote for principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost. "

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