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ECU: The abbreviation of the European Currency Unit, which is the forerunner of the euro that will be officially introduced in the European Union in 2002. The European Currency Unit is the weighted average of the currencies of the twelve original nations of the European Union. In that there are is no paper currency yet, it is currently used primarily for big-time commercial, financial, and international transactions.
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Lesson 7: Market Equilibrium | Unit 5: The Method
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Page: 20 of 22
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Topic:
Too Much Production
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This market has a 50-cent price and a 400-tape quantity in equilibrium.- Note the demand price and the supply price if the quantity is 500 tapes.
- The demand price is 40 cents. This is the value of the good produced.
- The supply price is 60 cents. This is the value of goods not produced.
- Producing this quantity is the same as giving up 60 cents and getting 40 cents in return.
- 500 tapes is not an efficient use of resources
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AD VALOREM TAX A tax specified as a percentage of the price or value of a good, service, asset, or other activity. Ad valorem taxes tend to be broad based, imposed on activities such as income and retail sales. In fact, the two most important ad valorem taxes are income taxes and sales taxes. People pay a percentage of their incomes in income taxes or a percentage or the value of their purchases in sales taxes, regardless of the amount of time spent working or the quantities of goods purchases. An alternative is a per unit tax, with is a tax specified as a percentage of the physical quantity of a good.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. 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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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"Intense concentration hour after hour can bring out resources in people they didn't know they had. " -- Edwin Land, inventor, entrepreneur
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FRS
Federal Reserve System
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