AmosWEB is Economics: GLOSS*arama

Thursday
May 2, 2024

AmosWEB means Economics with a Touch of Whimsy!

ECONOMIC PRODUCTION: The production of final goods and services taking place during a given time period. The emphasis here is on time period, especially the CURRENT time period. Gross domestic product is the macroeconomy's prime measure of current production. Current production is best contrasted with transactions for past production and future production, both of which are excluded from gross domestic product.

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CASH: the common term for paper currency and metal coins components of the money supply. Cash includes the foldable green paper with portraits of famous dead people, and those shiny metal discs with raised imprints of famous dead people. Cash is often divided into the "cash in circulation" which is what the nonbank public uses for purchases, and "vault cash" which is what banks have stashed away in the large, highly-secured, vaults. Cash in circulation is part of the money supply. Vault cash is part of bank reserves.

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CASH, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: May 2, 2024].

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ELASTICITY DETERMINANTS

Three factors that affect the numerical value of the price elasticity of demand and the price elasticity of supply--availability of substitutes, time period of analysis, and proportion of budget. The price elasticities of demand and/or supply for a good can change if these determinants change. The first two determinants are important to both price elasticity of demand and price elasticity of supply, while the third relates specifically to the price elasticity of demand.

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Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for gnomes hiding in cypress trees.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.

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