By Maureen Burton
Makes an attempt to evaluate even if the us is in fiscal decline. applicable to basic readers in addition to economics scholars and students, this booklet examines the fears of american citizens approximately their fiscal destiny.
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Additional info for Financial System of the Economy: Principles of Money and Banking
In economics these short-run fluctuations of the economy are part of what is appropriately called the business cycle. Exhibit 1- 6 illustrates the various stages of the business cycle and shows how they are related to the longer-run growth of the economy. The economy, like most of us, has its ups and downs. During a recovery or expansion, economic activity— as measured by the total quantity of goods and ser vices being bought and sold—increases and unemployment falls. During a recession or contraction, economic activity decreases and unemployment rises.
If we spend more than our income, then we have a deficit and must borrow. Because deciding what to do with a surplus is more pleasant than worrying about how to finance a deficit, let us assume that we spend only part of our income on consumption and investment. Now what should we do with our surplus? A net lender basically has two decisions to make. 5 Because cash does not earn interest, we would probably decide to lend out at least a portion of our surplus funds to earn some interest income. This leads us to the second decision the surplus household must make: How and where is the surplus to be loaned?
Mary tries to persuade Randy to accept the tickets instead but fails and eventually produces a university check made out to Randy for $50. A simple story. Yet it touches on most of the key issues addressed in this chapter: Why did Randy want money instead of the tickets? Why does he accept the check? Why aren’t the tickets money? Why aren’t they as good as money? As we shall see, the term money is used rather sloppily in everyday language. The purpose of this chapter is twofold: fi rst, to nail down the defi nition of money, and, second, to introduce money’s importance, not only for Randy, but for the economy as a whole.