Your niece just started her college career with a major in economics.
She is curious as to the interrelationship between the success of an
economy and the financial markets, concepts, and financial
institutions. Accordingly, she has developed a list of questions
addressing these issues and has asked that you explain the ideas.
1) What are the financial markets and what purposes do they serve?
2)What are financial intermediaries? How do these intermediaries
function in the economy?
3)What is a federal government budget deficit? What is the national
debt? How does a budget deficit affect the economy?
She is also curious about the time value of money concepts.
Specifically, she has the following questions about these concepts:
1)Why are consumers considered to be risk averse? What methods could
used to deal with risk?
2)It has been said that a dollar received today is worth more than a
dollar received tomorrow. What does this mean and what is the
significance to the economy?
3)What is the difference between the present value of a future sum of
money and the future value of a present sum of money? What is the
significance of these concepts to economics?
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