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KEYNESIAN: Relating to the macroeconomic theory developed by John Maynard Keynes to address the problem of the persistently high unemployment occurring during the Great Depression. This word is commonly used as a modifier for other terms, such as Keynesian economics, Keynesian policy, or Keynesian equilibrium. Beyond the theory itself, the term Keynesian has come to reflect a particular philosophy toward government and the economy that a market-based economy is unlikely to achieve the macroeconomic goals of full employment, growth, and stability without the active use of government policies.

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Lesson 17: Money | Unit 1: Money Basics Page: 3 of 25

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  • The basic definition of money, which is anything that is generally accepted in exchange for goods and services.
  • That money is something that can be readily traded for valuable assets.
  • That money is THE medium through which market exchanges travel.
  • The two types of value:
    1. Value in use which means an item provides satisfaction of wants and needs.
    2. Value in exchange which means an item does not provide satisfaction directly but can be traded for something that does.
  • That money is an economic lubricant and that much money prompts inflationary expansion and too little entices recessionary unemployment.

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VERY SHORT RUN, MICROECONOMICS

A production period of time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed. Also termed market period, the very short run exists if the period is so short that no additional production is possible. In other words, the good has been produced, all that remains is to sell it. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very long run.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time browsing about a thrift store wanting to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for a thesaurus filled with typos.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

RGDP
Real Gross Domestic Product
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