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VALUE-ADDED TAX: A tax on the extra value added during each stage in the production of a good. Most of the stuff our economy produces goes through several "stages," usually with different businesses. In each stage, resources do their thing to the good to make it a little more valuable. For example, an ice cream store can take 50 cents worth of ice cream, fudge, and whipped topping and turn it into a hot fudge sundae that's valued at $1.50. The efforts of the ice cream resources thus add $1 in value. A value-added tax is based on this extra value. While it's been debated off and on in the United States, a value-added tax is commonly used in Europe.

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Lesson 19: Money Creation | Unit 5: Policy Page: 20 of 23

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

Controlling the money creation process is the key to understanding the role that money plays in the economy.

In the old days:

  • Money was issued by government. With print and mint they had complete control over the quantity of money.
In the modern economy:
  • Checkable deposits are directly under the control of commercial banks. Government must control banks to control money.
Some history:
  • In the late 1800s, banks ran amuck, creating money as they saw fit. The economy experienced perpetual turmoil.
  • In the 1970s and 1980s, S&Ls had instability problems.
  • Since the mid 1980's, money creation has been under control. The economy has been strong and growing.

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TOTAL VARIABLE COST AND TOTAL PRODUCT

Because variable cost is largely associated with the cost of employing at least one variable input in the short run, the total variable cost curve can be derived from the total product curve. This admittedly simplistic connection between total product and total variable cost is designed to illustrate the fundamental role that the law of diminishing marginal returns plays in the slope and shape of the total variable cost curve. Because he slope of the total variable cost curve, which is also the slope of the total cost curve, is marginal cost, this analysis also indicates how the law of diminishing marginal returns relates to marginal cost.

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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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