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December 14, 2018 

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ABSOLUTE POVERTY: The amount of income a person or family needs to purchase an absolute amount of the basic necessities of life. These basic necessities are identified in terms of calories of food, BTUs of energy, square feet of living space, etc. The problem with the absolute poverty level is that there really are no absolutes when in comes to consuming goods. You can consume a given poverty level of calories eating relatively expensive steak, relatively inexpensive pasta, or garbage from a restaurant dumpster. The income needed to acquire each of these calorie "minimums" vary greatly. That's why some prefer relative poverty.

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Lesson Contents
Unit 1: Money Basics
  • What It Is
  • THE Medium
  • Unit 1 Summary
  • Unit 2: More About Money
  • Functions
  • Medium of Exchange
  • Measure of Value
  • Store of Value
  • Standard of Deferred Payment
  • Characteristics
  • Unit 2 Summary
  • Unit 3: Monetary Aggregates
  • M1
  • M2
  • Near Monies
  • M3
  • L
  • Unit 3 Summary
  • Unit 4: Money's History
  • Barter
  • Commodity Money
  • Metal Commodity Money
  • Fiat Money
  • Money
  • Unit 4 Summary
  • Unit 5: Scarcity
  • Efficiency
  • Monetary Policy
  • Unit 5 Summary
  • Course Home
    Money

    In this lesson, we examine my favorite economic topic -- money. In addition to being the root of all evil, money is a critical component of the macroeconomy. The basic rule is that too much money causes inflation and too little money causes unemployment. To lay the foundation for further study of money and the macroeconomy, this lesson presents the money basics, including what money is, what money does, how money is measured, and how money evolved to it's current format.

    • The first unit begins this lesson with a look at what money is (hint: anything that people use for exchanges), and money's role as a medium of exchange.
    • The main topics of the second unit are the four functions of money and the four characteristics of money.
    • The third unit then examines and compares the monetary aggregates, the official measures of money tracked by the U.S. government.
    • The history of money is the prime topic of the fourth unit, with a look at how modern fiat money evolved from self sufficiency, barter, and commodity money.
    • The fifth unit then ponders the connection between money, efficiency, and the scarcity problem, with an eye toward the use of monetary policies.

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    PERFECT COMPETITION, DEMAND

    The demand curve for the output produced by a perfectly competitive firm is perfectly elastic at the going market price. The firm can sell all of the output that it wants at this price because it is a relatively small part of the market. As a price taker, the firm has no ability to charge a higher price and no reason to charge a lower one. The market price facing a perfectly competitive firm is also average revenue and, most important, marginal revenue.

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    APLS

    BLUE PLACIDOLA
    [What's This?]

    Today, you are likely to spend a great deal of time at an auction seeking to buy either several magazines on fashion design or a package of 3 by 5 index cards, the ones without lines. Be on the lookout for letters from the Internal Revenue Service.
    Your Complete Scope

    This isn't me! What am I?

    A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
    "In order to create there must be a dynamic force, and what force is more potent than love."

    -- Igor Stravinsky, violinist

    JRE
    Journal of Regulatory Economics
    A PEDestrian's Guide
    Xtra Credit
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