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October 18, 2018 

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KEOGH PLAN: A savings retirement plan for self-employed workers authorized by the Self-Employment Individuals Retirement Act (1982). A Keogh plan is similar to an IRA (individual retirement account), but is a bit more complicated to establish. Like other private pension plans, income diverted to Keogh plans are tax deferred, that is, taxes on not paid on the income until it is withdrawn during retirement.

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Lesson 17: Money | Unit 4: Money's History Page: 19 of 25

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

Metals are a natural for use as a commodity money.
  • The most important characteristic of metals is durability.
  • Some people erroneously think that metals and only metals are true money.

Metals:

  • They are extremely durable, quite divisible, relatively easy to transport and difficult to counterfeit.
  • They are not perfect.

Drawbacks:

  • Transportability: Metals are heavy.
  • Value in use affects value in exchange: A change in the market price brought by disruptions of the market, affect value in exchange and can play havoc with the economy.

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PRICE

An asset or item voluntarily exchanged in a market transaction for another asset or item. This item or asset is usually, but not necessarily, money. A barter transaction occurs if money is NOT one of the assets or items exchanged. In a standard market diagram, price is displayed on the vertical axis.

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Today, you are likely to spend a great deal of time wandering around the downtown area seeking to buy either any book written by Stephan King or a T-shirt commemorating next Thursday. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"Executives who get there and stay suggest solutions when they present the problems. "

-- Malcolm Forbes, business executive

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Kuala Lumpur Commodity Exchange (Malaysia)
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