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HARD CURRENCY: Historically money that is in the form of precious metals, especially gold. In modern times, any national currency that is expected to retain its value (and even appreciate in value), and is readily acceptable for most international transactions. The U.S. dollar, German marc, and Swiss franc tend to be near the top of the list of hard currencies (also termed hard money).
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Lesson 7: Market | Unit 4: Adjustment
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Page: 13 of 22
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Markets have a built-in self correction mechanism:- If a market is at equilibrium, it remains there.
- If a market is not at equilibrium, it moves to equilibrium.
- A market does not need someone (like government) controlling it to ensure that it reaches equilibrium.
Three price alternatives:- At equilibrium, nothing changes.
- Below equilibrium, a shortage.
- Above equilibrium, a surplus.
- By creating shortages and surpluses, non-equilibrium prices induce the price to change. These changing prices move the market back to equilibrium.
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VOLUNTARY EXCHANGE The process of willingly trading one valuable commodity (good, service, or resource) for another. The key term is "willingly," which distinguishes voluntary exchanges from involuntary exchanges, such as those created by government taxes. Voluntary exchanges are the foundation of market transactions.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a T-shirt commemorating the second moon landing or a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for small children selling products door-to-door.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, „I used everything you gave me.¾" -- Erma Bombeck, writer
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