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TRANSFER PAYMENTS: Payments made without any corresponding production or expectations of production. Unless otherwise noted (such as business transfer payments), the term transfer payments generally refers to payments by the government sector to the household sector. The three most important transfer payments in our economy are for Social Security, unemployment compensation, and welfare. The intent of these transfers payments is to redistribute income, and thus the goods and services that can be had with the income. Transfer payments surface as income received but not earned (IRBNE) added to national income to derived personal income.

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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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EFFECTIVE DEMAND

A key conceptual notion of Keynesian economics stipulating that the aggregate expenditures on real production is based on existing or actual income rather than the income that would be generated with full employment of resources. Effective demand is embodied in the aggregate expenditures line, which has a positive slope, but a slope of less than one. This concept was proposed by Thomas Robert Malthus in the early 1800s as a counter argument to Say's law found in classical economics and then found new life when John Maynard Keynes developed his theory in the 1930s.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time watching infomercials hoping to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for malfunctioning pocket calculators.
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A half gallon milk jug holds about $50 in pennies.
"The greatest barrier to success is the fear of failure."

-- Sven Goran Eriksson, writer

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