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WEALTH: The net ownership of material possessions and productive resources. In other words, the difference between physical and financial assets that you own and the liabilities that you owe. Wealth includes all of the tangible consumer stuff that you possess, like cars, houses, clothes, jewelry, etc.; any financial assets, like stocks, bonds, bank accounts, that you lay claim to; and your ownership of resources, including labor, capital, and natural resources. Of course, you must deduct any debts you owe.
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Lesson 1: Economic Basics | Unit 1: Economics
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An understanding of economics also involves:Scarcity. We have limited resources, but unlimited wants and needs. The study of economics is essentially the study of scarcity.Opportunity Cost. Using resources for one alternative prevents using them for another. Opportunity cost is the highest valued alternative.Analysis. Economics is an analytical discipline that answers 'What if...?' questions.
Scarcity dictates that we must answer the three basic questions of allocation are:- What? What goods and services will be produced with society's resources?
- How? How will society's resources be used to produce the goods and services?
- For whom? Who receives the goods and services produced with society's resources?
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CENTRAL PLANNING A system of extensive central government control of an economy, including organizing production and making allocation decisions. This was the popular method of allocating resources and answering the three basic questions of allocation under communism and socialism economic systems of the Soviet Union, China, and others during the 1950s, 1960s, and 1970s.
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a how-to book on the art of negotiation or a flower arrangement for your aunt. Be on the lookout for a thesaurus filled with typos.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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"Sometimes our light goes out, but is blown into flame by another human being. Each of us owes deepest thanks to those who have rekindled this light. " -- Albert Schweitzer, missionary physician
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SET
Securities Exchange of Thailand
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