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September 27, 2023 

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OPPORTUNITY COST, PRODUCTION POSSIBILITIES: The production possibilities analysis, which is the alternative combinations of two goods that an economy can produce with given resources and technology, can be used to illustrate opportunity cost--the highest valued alternative foregone in the pursuit of an activity.

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EXCHANGE RATE: The price of one nation's currency in terms of another nation's currency. This is often called the foreign exchange rate in that it is the price determined in the foreign exchange market when people buy and sell foreign exchange. The exchange rate is specified as the amount of one currency that can be traded per unit of another.

     See also | currency | money | foreign exchange | foreign exchange market | foreign trade | foreign investment | domestic | foreign | import | export | fixed exchange rate | floating exchange rate | managed float | J curve |


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EXCHANGE RATE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: September 27, 2023].


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FALLACY OF COMPOSITION

The logical fallacy of arguing that what is true for the parts is also true for the whole. In the study of economics, this takes the form of assuming that what works for parts of the economy, such as households or businesses, also works for the aggregate, or macroeconomy. The contrasting fallacy is the fallacy of division.

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Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either a large green chalkboard shaped like the state of Maine or a replacement battery for your pocket calculator. Be on the lookout for telephone calls from long-lost relatives.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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