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WILLINGNESS TO ACCEPT: The price or dollar amount that someone is willing to receive or accept to give up a good or service. Willingness to accept is the source of the supply price of a good. However, unlike supply price, in which sellers are on the spot of actually giving up a good to receive payment, willingness to accept does not require an actual exchange. This concept is important to benefit-cost analysis, welfare economics, and efficiency criteria, especially Kaldor-Hicks efficiency. A related concept is willingness to pay.

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

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  • That money is critical to the production, consumption, and exchange activities that take place in a complex economy.
  • That money improves efficiency by reducing the amount of resources that would be needed for barter exchanges and that it improves efficiency by letting resources specialize in production.
  • That money is not the root of evil, but it can cause problems.
  • That government is given regulatory responsibility over money, but government leaders could also use money control for personal reasons.

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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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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a T-shirt commemorating the second moon landing or a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for small children selling products door-to-door.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
"When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, I used everything you gave me."

-- Erma Bombeck, writer

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