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January 17, 2018 

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SHORT-RUN PRODUCTION ALTERNATIVES: A firm faces three production options in the short run based on a comparison between price, average total cost, and average variable cost. If price is greater than average total cost, a firm earns an economic profit by producing the quantity that equates marginal revenue with marginal cost. If price is less than average total cost but greater than average variable cost, a firm incurs an economic loss, but produces the quantity that equates marginal revenue with marginal cost. If price is less than average variable cost, a firm shuts down production in the short run, incurring an economic loss equal to total fixed cost.

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Lesson 17: Money | Unit 1: Money Basics Page: 2 of 25

Topic: THE Medium <=PAGE BACK | PAGE NEXT=>

The notion of general acceptance makes money THE medium of exchange for economic transactions.

It must be generally accepted.

  • Two types of value:
    1. Value in use (intrinsic value): An item provides satisfaction of wants and needs.
    2. Value in exchange: An item does not provide satisfaction directly but can be traded for something that does.
  • Money may or may not have value in use, but to be a medium of exchange, it must have value in exchange.

Money is an economic lubricant.

  • Too much money prompts inflationary expansion and too little entices recessionary unemployment.
  • The challenge is to maintain the proper balance between too much and too little.

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INFERIOR GOOD

A good for which a change in income causes an opposite change in demand. That is, an increase in income causes a decrease in demand and a decrease in income causes an increase in demand. The income elasticity of demand for an inferior good is negative. An inferior good is one of two alternatives falling within the buyers' income demand determinant. The other is a normal good.

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BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a how-to book on the art of negotiation or a flower arrangement for your aunt. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?

It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
"Being defeated is only a temporary condition; giving up is what makes it permanent."

-- Marilyn vos Savant, Author

PVCF
Present Value Cash Flow
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