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January 17, 2018 

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PAYMENT FLOW: In the circular flow, the clockwise transfer of money in payment for the counter-clockwise physical flow of goods and services. The payment flow is the monetary payment for goods and services received by the household sector from the business sector through product markets and the monetary payment for resource services obtained by the business sector from the household sector through factor markets.

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Lesson 19: Money Creation | Unit 1: A Little Magic Page: 1 of 23

Topic: Money <=PAGE BACK | PAGE NEXT=>

First:
  • Money is currency and checkable deposits.
  • Currency is issued by the federal government.
  • Checkable deposits are issued by commercial banks.

    Second:

  • Money is the medium of exchange.
  • Money makes production and exchange more efficient.
  • Too much money causes inflation and too little causes recession.

    Third:

  • Banks balance profit-seeking loans and deposit-protecting reserves.
  • Because a failed bank can trigger economic instability, banks are heavily regulated by the government.
Note:
  • Controlling checkable deposits is controlling a little magic.

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AVERAGE REVENUE CURVE

A curve that graphically represents the relation between average revenue received by a firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a firm's output. The average revenue curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is negatively sloped.

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Today, you are likely to spend a great deal of time at a garage sale looking to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for defective microphones.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"Being defeated is only a temporary condition; giving up is what makes it permanent."

-- Marilyn vos Savant, Author

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