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IN-KIND PAYMENT: A payment, usually in exchange for the productive efforts of resources, that takes the form of goods and services rather than the economy's standard monetary unit (that is, dollars). In other words, resource owners are compensated with a portion of the output that they helped to produce. The standard method of compensation, which is illustrated by the circular flow model, is for a firm to pay resource owners using money revenue received from selling its production. Hence most factor payments are monetary payments. However, in some circumstances firms and resource owners find it more convenient to use actual production for compensation, eliminating the middle sell-production-for-money step

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Lesson 17: Money | Unit 3: Monetary Aggregates Page: 16 of 25

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  • The concept and definition of M1, which is the sum of currency and coins held by the non-bank public, and checkable deposits.
  • That credit cards are not part of M1, they are not money.
  • That M2 is a broader measure of money that includes M1 plus what we can call near money, that is, temporary savings, a pool of funds that can be accessed quickly and easily.
  • That near monies are savings and that there are several different types of savings: standard savings accounts, certificates of deposit (CDs), money market funds, overnight Eurodollars and overnight repurchase agreements.
  • M3 is equal to M2 plus other near monies which include larger denomination certificates of deposit and longer-term repurchase agreements.
  • Liquid assets L, are the economy's total financial assets that can be converted to M1.

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DERIVATION, PRODUCTION POSSIBILITIES CURVE

A production possibilities curve, which illustrates the alternative combinations of two goods that an economy can produce with given resources and technology, is often derived from a production possibilities schedule. This derivation involves plotting each bundle from the production possibilities schedule as a point in a diagram measuring the two goods on the vertical and horizontal axes.

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Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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