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ALLOCATIVE EFFICIENCY: Obtaining the most consumer satisfaction from available resources. Allocative efficiency means that our economy is doing the best job possible of satisfying unlimited wants and needs with limited resources -- that is, of addressing the problem of scarcity.
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Lesson 17: Money | Unit 2: More About Money
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Page: 9 of 25
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There are four characteristics that let money do what money does. Four characteristics: - Durable: It helps to retain value from one exchange to the next and store value for future exchanges.
- Divisible: It lets us accurately match an amount of money to the precise value of a good.
- Transportable: It lets us to conduct exchanges far and wide, to go where we need to go for an exchange.
- Non-counterfeitable: It keeps the value of money from being diluted.
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CONSUMER ADVISORY COUNCIL A support committee of the Federal Reserve System that provides advice and input to the Federal Reserve Board of Governors on matters dealing with consumer credit. The Federal Advisory Council (FAC) is comprised of 30 members, representing a broad spectrum of consumer related interests. The CAC is one of three Federal Reserve Board advisory committees. The other two are Federal Advisory Council and Thrift Institutions Advisory Council.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store trying to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. " -- Muhammad Ali
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QJE
Quarterly Journal of Economics
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