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LAND: One of four basic categories of resources, or factors of production (the other three are labor, capital, and entrepreneurship). This category includes the natural resources used to produce goods and services, including the land itself; the minerals and nutrients in the ground; the water, wildlife, and vegetation on the surface; and the air above.

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Lesson 17: Money | Unit 2: More About Money Page: 10 of 25

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  • The four functions of money:
    1. Medium of exchange: money makes it easier to buy, sell, produce, and consume goods and services.
    2. Measure of value: prices are stated in terms of the monetary unit.
    3. Store of value: value can be stored over time with money.
    4. Standard of deferred payment: future payments are also in terms of the monetary unit.
  • Using money as a medium of exchange eases the exchange process, makes it more efficient, and frees resources for production.
  • Using money as the unit for prices gives a measure for value, that is, how much value we place on a good.
  • Price inflation is the nemesis for the store of value function of money.
  • Money is used as a standard for buying now and paying later.
  • The four characteristics of money:
    1. Durable: It helps to retain value from one exchange to do the next and store value for future exchanges.
    2. Divisible: It lets us accurately match an amount of money to the precise value of a good.
    3. Transportable: It allows us to conduct exchanges far and wide, to go where we need to go for an exchange.
    4. Non-counterfeitable: It keeps the value of money from being diluted.

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SEVEN ECONOMIC RULES

A set of seven fundamental notions that reflect the study of economics and how the economy operates. They are: (1) scarcity, (2) subjectivity, (3) inequality, (4) competition, (5) imperfection, (6) ignorance, and (7) complexity.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for deranged pelicans.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
"Good humor is a tonic for mind and body. It is the best antidote for anxiety and depression. It is a business asset. It attracts and keeps friends. It lightens human burdens. It is the direct route to serenity and contentment."

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