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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 1: Economic Basics | Unit 4: Goals
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Page: 12 of 18
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Pursuing one goal is usually at the expense of another, we have tradeoffs. Three reasons for tradeoffs: - First, resources used to pursue one goal cannot be used to pursue another.
- Second, actions that move us toward one goal can move us away from another.
- Third, pursuing a goal may be good for some, but bad for others.
A thought:- Economists are inclined to stress efficiency more than others--but efficiency is only one of several goals.
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AUTONOMOUS SAVING Household saving that does not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in saving. Autonomous saving is best thought of as a baseline level of saving (usually negative) that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the saving function or the saving line. The alternative to autonomous saving is induced saving, which does depend on income.
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PINK FADFLY
[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 pair of red and purple designer socks or a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for gnomes hiding in cypress trees.
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This isn't me! What am I?
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The average bank teller loses about $250 every year.
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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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BIF
Bank Insurance Fund
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