ECON 1001 Lecture Notes - Lecture 3: Externality, John Maynard Keynes, Money Supply
Document Summary
Definitons: utility: the satisfaction or sense of well being received from consumption, transfer payments: cash or in-kind benefits given to individuals as outright grand from the government. Industrial revolution: developments of large-scale factory productions that began in great. Britain around 1750 and spread to the rest of europe, north america and australia: firms: economic units formed by profit seeking entrepreneurs who use resources to produce goods and services for sale. A realized capital gain in any increase in the market value of a share that occurs between the time that the share is purchased and the time that is sold. Information revolution: technological change spawned by the invention of microchip and the. Internet that enhanced the acquisition, analysis and transmission of information. The government structure and objectives: fiscal policy: the use of government purchases, transfer payments taxes, and borrowing to.
