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U.S. TREASURY DEPARTMENT: A cabinet level part of the U.S. Federal government responsible for assorted financial matters. While it was once heavily involved in what could be termed monetary policy, before the creation of the Federal Reserve System, it's primary money role in modern times is relegated to authorizing the minting of metal coins. Among its many varied and important functions are issuing U.S. Treasury securities to finance the federal deficit and maintaining the integrity of paper currency by tracking counterfeiters.

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Lesson 17: Money | Unit 4: Money's History Page: 22 of 25

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  • Barter lets resources specialize in production and that with barter trades, people can access a wider variety of goods than they could produce on their own.
  • That commodity money has value in use and value in trade and that the value in use dictates value in trade.
  • That metals are a natural for use as a commodity money and that their most important characteristic is durability.
  • That fiat money has little or no value in use compared to value in exchange.
  • That electronic money fits two of the four characteristics of money: it is easy to transport and completely divisible, but it raises questions about being counterfeitable and durable.

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FIXED INPUT

An input whose quantity cannot be changed in the time period under consideration. The relevant time period is usually termed the short run. The most common example of a fixed input is capital. The alternative to fixed input is variable input. A fixed input, such as capital, provides the "capacity" constraint for the short-run production of a firm. A variable input, such as labor, provides the means of changing short-run production. As larger quantities of a variable input are added to a fixed input, the variable input becomes less productive, which is the law of diminishing marginal returns.

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Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a how-to book on home decorating or a set of luggage with wheels. Be on the lookout for infected paper cuts.
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Two and a half gallons of oil are needed to produce one automobile tire.
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