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OIKONOMOS: This rather strange word is a greek term meaning "household manager" or "household steward" that gave rise to the modern term economy and the whole range of related terms, including economic, economics, economist, and economize. Ironically there are those who use economics less with the goal of providing "stewardship" of the economy and more focused on the goal of extracting maximum personal gain.
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Lesson 9: Macro Basics | Unit 2: Macro Problems
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Page: 4 of 16
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A modern, complex economy like the U.S. economy pursues three macro goals:- Full employment: Using all available resources for production.
- Stability: Avoiding inflation and/or fluctuations in the economy.
- Growth: Lessening the problem of scarcity by increasing production capabilities.
- We always pursue these goals but conflicts mean we cannot reach them at the same time.
- More conflicts result from pursuit of the micro goals of efficiency and equity.
- Macroeconomic problems from not reaching this goals are: production, unemployment, and inflation.
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IMPLICIT COST An opportunity cost that does not involve a monetary payment or any other form of compensation. The monetary payment that is often made to compensate the person who initially foregoes the satisfaction is not made for implicit cost. There is no payment to transfer the burden of the opportunity cost from the original person to someone else. Implicit cost is also occasionally termed implicit opportunity cost.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"Be civil to all; sociable to many; familiar with few; friend to one; enemy to none. " -- Benjamin Franklin, statesman
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ABE
Association of Business Executives
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