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RESOURCE MARKETS: Market used to exchange the services of resources labor, capital, and natural resources. The value of services exchanged through resource markets each year is measured as national income. Compare financial market, product market.

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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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PERFECT COMPETITION, SHUTDOWN

A perfectly competitive firm is presumed to shutdown production and produce no output in the short run, if price is less than average variable cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and loss minimization (if price is greater than average variable cost but less than average total cost).

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APLS

PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for high interest rates.
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This isn't me! What am I?

Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"The greatest barrier to success is the fear of failure."

-- Sven Goran Eriksson, writer

ARIMA
Autoregressive Integrated Moving Average
A PEDestrian's Guide
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