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LIVING STANDARD: In principle, an economy's ability to produce the goods and services that consumers use to satisfy their wants and needs. In practice, it is the average real gross domestic product per person--usually given the name per capita real GDP.
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Lesson 3: Scarcity | Unit 2: Resources
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Page: 6 of 17
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We have limited resources. Limited resources can be free or scarce.- Scarce Resource. A resource is scarce if it can't produce all of the goods people want it to produce.
- Scarce resource and scarcity are related. Scarcity is the society-wide condition in which resources are limited related to all wants and needs. Scarce resource is the condition that applies to a specific resource.
- Free Resources. A resource is free if it can produce all of the goods people want it to produce and then some. We can have free resources, even though society faces the condition of scarcity.
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AUTONOMOUS NET EXPORTS Net exports by the foreign sector that do not depend on income or production (especially national income or gross domestic product). That is, changes in income do not generate changes in net exports. Autonomous net exports are best thought of as net exports that the foreign sector undertakes independent of income. They are measured by the intercept term of the net exports line. The alternative to autonomous net exports is induced net exports, which do depend on income.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction trying to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for telephone calls from former employers.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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NYBOR
New York Interbank Offered Rate
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