March 23, 2018 

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DISCOUNT: In financial terms, a bond or similar financial asset that sells below its face value. Discounting is done to equalized the interest rate attached to a bond with comparable interest rates in the economy. For example, a $100,000 bond that pays a fixed 10 percent interest on the face value (that is, $10,000 annually) would be discounted to $83,333 if comparable interest rates were above 12 percent. As such, the $10,000 annual interest payment works out to be 12 percent of a $83,333 price.

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Lesson 17: Money | Unit 4: Money's History Page: 21 of 25

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

Computers reduce the use of paper currency and checks.
  • Electronic money is another logical step in the historical progression of money.
  • Modern checking accounts are little more than digital information.
  • The trend is toward accessing information directly with computers, including ATM machines, point-of-purchase terminals in stores, and home computers.

Electronic money:

  • It fits two of the four characteristics of money: easy to transport and completely divisible.
  • The other two characteristics raise questions:
    • Counterfeitable: Electronic money could be the easiest or the hardest money to counterfeit.
    • Durability: This depends on the stability of the government and the banking system.

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A Keynesian model of the macroeconomy that includes all four macroeconomic sectors, the household sector, the business sector, the government sector, and the foreign sector. This Keynesian model variation adds the foreign to the three domestic sectors (household, business, and government) in the three-sector model. This model provides the complete Keynesian representation of the macroeconomy, including the export-import interaction between the domestic economy and the foreign sector. Equilibrium is identified as the intersection between the C + I + G + (X - M) line and the 45-degree line. Two related variations are the two-sector Keynesian model and the three-sector Keynesian model.

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