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April 25, 2018 

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WANTS: This is often thought of as a psychological desire which makes life just a little more enjoyable, but which is not physiological necessary to life. You need oxygen, but you want a hot fudge sundae. Satisfaction is achieved by fulfilling wants.

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Lesson 17: Money | Unit 5: Scarcity Page: 24 of 25

Topic: Monetary Policy <=PAGE BACK | PAGE NEXT=>

The key to money is control, that is, monetary policy.

Money is not the root of evil, but it can cause problems:

  • Too much money, can cause inflation.
  • Too little money, can cause a recession.

Therefore:

  • Government is given regulatory responsibility over money. We don't let people print their own money.

However:

  • Government leaders could also use money control for personal reasons.
  • Ideologies play an important role.

The bottom line:

  • Money must be controlled. When they control money they achieve some goals and prevent others.

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AVERAGE FACTOR COST CURVE

A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.

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APLS

PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?

John Maynard Keynes was born the same year Karl Marx died.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

NEDC
National Economic Development Council
A PEDestrian's Guide
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