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EXCHANGE RATE MECHANISM: The system used to link the euro to the currencies of European Union member nations that do not immediately participate in the use of the euro. Linkages with these non-participating European Union member nations is voluntary, but designed to ease their transition into full-blown use of the euro.
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Lesson 6: Supply | Unit 5: Scarcity
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Page: 18 of 19
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Topic:
Limited Resources
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Supply is directly connected to the scarcity problem, especially limited resources.- Scarcity exists because society has limited resources, but unlimited wants and needs.
- Markets were developed as a means of addressing the problem of scarcity:
- The supply side of the market comes from the 'limited resources' side of the scarcity problem.
- The demand side of the market comes from the 'unlimited wants and needs' side of the scarcity problem.
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SERVICES, CONSUMPTION Personal consumption expenditures on activities that provide direct satisfaction of wants and needs without the production of tangible goods. Common examples are information, entertainment, and education. This is one of three categories of personal consumption expenditures in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are durable goods and nondurable goods. Services are about 60 percent of personal consumption expenditures and 40 percent of gross domestic product.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a rechargeable battery for your computer or shoe laces for your snow boots. Be on the lookout for defective microphones.
Your Complete Scope
This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Everyone's got it in him, if he'll only make up his mind and stick at it. None of us is born with a stop-valve on his powers or with a set limit to his capacities. There's no limit possible to the expansion of each one of us." -- Charles M. Schwab
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NABB
National Association of Business Brokers
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