Google
Friday 
September 21, 2018 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
Y-AXIS: In a graph, this is one of two lines that intersect at a right angle. This is the "vertical axis" that runs up and down.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

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.

Course Home | Lesson Menu | Page Back | Page Next

MARGINAL REVENUE PRODUCT

The change in total revenue resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal revenue product, usually abbreviated MRP, is found by dividing the change in total revenue by the change in the variable input or by multiplying marginal physical product by marginal revenue. This is also termed value of the marginal product. Marginal revenue product is a key concept for understanding the demand for productive inputs.

Complete Entry | Visit the WEB*pedia


APLS

GREEN LOGIGUIN
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either a large red and white striped beach towel or a bottle of blackcherry flavored spring water. Be on the lookout for celebrities who speak directly to you through your television.
Your Complete Scope

This isn't me! What am I?

A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

CLADR
Class Life Asset Depreciation Range
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2018 AmosWEB*LLC
Send comments or questions to: WebMaster