greatest possible benefit‚ we have achieved allocative efficiency. To make decentralized coordination work‚ four complementary social institutions that have evolved over many centuries are needed. They are: -Firms -Markets -Property Rights -Money Production Possibilities Frontier (PPF): Is the boundary between those combinations of goods and services that can be produced and those that cannot. Production Efficiency: If we produce goods and services at the lowest possible cost. Preferences:
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the market as to prevent economic instability (inflation‚ unemployment‚ etc.). As a nation we are all aware of the potential hardships that a negative economy such as our own today can bring. For instance‚ I started off the year (2010) with a new job with DSHS as a MAS3‚ which paid more than the last‚ there were more opportunities for promotion‚ and I walked in knowing it was going to be a good experience for me as well as look good on my resume. I was optimistic. About half way through the year
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There are four basic functions of money: The first is as a medium of exchange. The second is as a unit of account. The third is as a store of value. The fourth is as liquidity. The most obvious function of money is as a medium of exchange. When you hand the waiter a five-dollar bill in exchange for your hamburger‚ you are using money as a medium of exchange. You might have a hard time paying for your hamburger with five dollars worth of apples‚ but if you did‚ the apples would serve as a
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Groucho Marx once said "While money can’t buy happiness‚ it certainly lets you choose your own form of misery.” The American Dream of money is the belief that having a lot of money will satisfy the cravings people have for wealth. People strive to accomplish a life filled with money and success because money promises a life of happiness and greatness. The idea of having a large quantity of money is one that has consumed people and altered the dream of hard work and success. Although this dream brings
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At first‚ to someone who has never played indoor soccer or outdoor soccer‚ the sports may look the same. But look more closely‚ and many differences will be very apparent. Most people are very familiar with outdoor soccer. Outdoor soccer is played in two forty minute halves with eleven players on the field at a time. The eleven players are divided into four different categories; a goalie‚ defenders‚ mid-fielders‚ and offenders. Also on the field are three referees; two of them watch the sidelines
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Introduction: e-banking is defined as the automated delivery of new and traditional banking products and services directly to customers through electronic‚ interactive communication channels. E-banking includes the systems that enable financial institution customers‚ individuals or businesses‚ to access accounts‚ transact business‚ or obtain information on financial products and services through a public or private network‚ including the Internet. Customers access e-banking services using an intelligent
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FINAL 224 Chapter 3: Economic Crisis & Recovery 1929-1939 Europe in a Depression(1929 till 1932-33) • Origin of the 1929 Downturn - The real origin of the slump had to be located with the US. This does not mean that there were no cyclical weaknesses elsewhere but it is mainly US bcz it had a major influence on the world economy. - The US witnessed 2 major shocks: 1- decrease (Curtailment) of foreign lending 1928-29 which had a deflation impact on
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Introduction When I first picked up Inside Rikers by Jennifer Wynn‚ I could not help but notice a disturbing image of the book cover; it was an image of an inmate locked up in his cell; he had one hand holding the bar‚ while having the other hand out of the cell‚ with a cigarette in his hand. Then I read the Publisher Weekly’s description of the book in the cover page‚ which read‚ “a penetrating exploration of inmates’ lives in New York’s ‘vast penal colony’… unusually stirring.” Based
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argues that the government needs to act to ensure equality among its citizens. In current politics many liberals are pushing for gay rights‚ affirmative action‚ open immigration‚ and similar policies. Conservatism argues that the government’s main job is to protect freedom and
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market sale. 18) Flexibility: Open market operations can be used to conduct a small purchase or sale of securities. Conversely‚ if the desired change in reserves or the base is very large‚ the open market operations tool is strong enough to do the job through a very large purchase or sale of securities Reversibility: Open market operations are easily reversed. If a mistake is made in conducting an open market operation‚ the Fed can immediately reverse it. Effectiveness: It is costly to adjust
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