March 19, 2018 

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OWNER-OCCUPIED HOUSING: Houses that are, quite simply, occupied by the owners. A person, or family, owns a house and lives in it. The contrast is with rental property, in which owners rent their houses out to others. Owner-occupied housing is important for the estimation of gross domestic product because it involves current production but has no market transactions. As such, the value of housing services have to be estimated before inclusion in gross domestic product.

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Lesson 17: Money | Unit 4: Money's History Page: 20 of 25

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

Fiat money has little or no value in use compared to value in exchange. The value in exchange of fiat money is under control of an authority, usually government.

The transition:

  • First: Paper currency was backed by metal stored in a secure location. The paper could be traded for equivalent amounts of silver or gold.
  • Second: Because no one traded paper currency for metal, metal wasn't needed to back the paper. They just need a paper currency-to-metal exchange rate.
  • Third: Authorities stopped fixing the currency-to-metal exchange price. Paper currency was valuable based on the ability to purchase goods.

A two-edged sword:

  • Authority acquires the ability to control money and also the responsibility.

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A curve that graphically illustrates the relation between average product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit output at each level of the variable input. The average product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and marginal product curve.

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Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a toaster oven that has convection cooking or a birthday gift for your mother. Be on the lookout for mail order catalogs with hidden messages.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
"Whatever course you decide upon, there is always someone to tell you that you are wrong. There are always difficulties arising which tempt you to believe that your critics are right. To map out a course of action and follow it to an end requires...courage."

-- Ralph Waldo Emerson

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