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July 21, 2018 

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X-AXIS: In a graph, this is one of two lines that intersect at a right angle at their origins. This is the "horizontal-axis" that runs from right and left. In most analyses, the variable measured on the X-axis is consider to be the independent variable.

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Lesson 17: Money | Unit 4: Money's History Page: 18 of 25

Topic: Commodity Money <=PAGE BACK | PAGE NEXT=>

Because barter has limitations, the double coincidence of needs, peoples used commodities as money.

Commodity money:

  • When they began using a widely desired commodity, they created commodity money.
  • Commodity money has value in use and value in trade.
  • The value in use dictates value in trade.
  • Some commodities are better than others in terms of the four money characteristics.
  • Our ancestors tried many different commodities before finding one type that fits the characteristics better than most metals.

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BANK PANIC

An economy-wide problem in the financial sector and the banking industry that triggers an economy-wide business-cycle contraction or even depression. Bank panics were common throughout the 1800s and early 1900s, during which time they where the primary cause of business-cycle downturns. Bank panics usually involved bank runs that spread from bank to bank throughout the economy.

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APLS

BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a T-shirt commemorating the second moon landing or a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?

The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
"When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, I used everything you gave me."

-- Erma Bombeck, writer

COLA
Cost of Living Adjustment
A PEDestrian's Guide
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