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ACCOUNTING COST: The actual outlays or expenses incurred in production that shows up a firm's accounting statements or records. Accounting costs, while very important to accountants, company CEOs, shareholders, and the Internal Revenue Service, is only minimally important to economists. The reason is that economists are primarily interested in economic cost (also called opportunity cost). That fact is that accounting costs and economic costs aren't always the same. An opportunity or economic cost is the value of foregone production. Some economic costs, actually a lot of economic opportunity costs, never show up as accounting costs. Moreover, some accounting costs, while legal, bonified payments by a firm, are not associated with any sort of opportunity cost.

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Lesson 17: Money | Unit 4: Money's History Page: 17 of 25

Topic: Barter <=PAGE BACK | PAGE NEXT=>

A long time ago, our ancestors realized that life could be better with a little trading.
  • Our ancestors first satisfied their own wants and needs.
  • Then, self-sufficiency gave way to barter.

Two reasons for barter:

  • First: Barter lets resources specialize in production.
  • Second: With barter trades, people can access a wider variety of goods than they could produce on their own.
  • Barter is a more effective way of satisfying our wants and needs.

However barter is not perfect:

  • We need double coincidence of wants.
  • It takes resources for trades.

Therefore:

  • Our ancestors progressed to the next stage: commodity money.

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GOLD CERTIFICATES

Paper currency issued and authorized by the U.S. Department of the Treasury that is, in principle, backed up by, and exchangeable for, an equivalent value of gold. Gold certificates were in circulation as a medium of exchange for the U.S. economy during two periods, 1865 to 1922 and 1928 to 1934. A similar form of paper currency is silver certificates.

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Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either a microwave over that won't burn your popcorn or a T-shirt commemorating the first day of winter. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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