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FEDERAL SURPLUS: The difference between federal government spending and taxes when taxes are greater than spending.
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Lesson 7: Market | Unit 1: The Exchange
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Market is the term we used to indicate voluntary trades among buyers and sellers. These trade involve a mutually agreeable quantity at a mutually agreeable price. A definition: A market is an organized exchange of commodities (including resources, goods, and services) among buyers and sellers, during a given time period.Four important points about markets. 1. Markets are voluntary trades among buyers who want something (the demand side) and sellers who have something (the supply side). 2. The most important items traded are the goods and services that people consume, and the resources used to produce these goods and services. 3. Markets are the voluntary means of facing the scarcity problem. Government is the involuntary way of the facing scarcity problem. 4. Like demand and supply, markets are analyzed over a given time period.
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DERIVATION, SAVING LINE A saving line, a graphical depiction of the relation between household sector saving and income, can be derived from the consumption line. The saving line can also be derived by plotting the saving-income information from a saving schedule or using the slope and intercept values of the saving function. However, derivation from the consumption line emphasis the connection between consumption and income--that the household sector uses a portion of income for consumption and a portion for saving.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"Progress always involves risk. You can't steal second base and keep your foot on first. " -- Frederick B. Wilcox
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LRAS
Long Run Aggregate Supply
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