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EXCESS SUPPLY: A disequilibrium condition in a competitive market in which the quantity supplied is greater than the quantity demanded, hence there's "extra" supply. Pointy-headed economists generally use the more technical term surplus rather than excess supply. The reason, of course, is that surplus has two syllables and excess supply has four. The time saved in pronouncing two syllables rather than four is a definite efficiency plus for the entire economy.
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LIQUIDITY The ease with which an asset can be converted to money with little or no loss of value. Money, currency and checkable deposits, is the benchmark for liquidity. Money is what other assets are converted to. Different assets have differing degrees of liquidity. Financial assets have differing degrees of liquidity but tend to be more liquid that physical assets. Liquidity is important to components of the three monetary aggregates tracked and reported by the Federal Reserve System--M1, M2, and M3.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"My philosophy of life is that if we make up our mind what we are going to make of our lives, then work hard toward that goal, we never lose - somehow we win out." -- President Ronald Reagan
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JIE
Journal of Industrial Economics
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