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WORLD VIEW: An aspect of a scientific theory that includes fundamental, and unverifiable axioms, beliefs, and values about how the world works. On example of an unverifiable world view axiom is belief in the existence of supreme, omnipotent, omniscience being. Political philosophies, which are essential to economic theories, are intertwined with alternative world views.

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Lesson 19: Money Creation | Unit 1: A Little Magic Page: 3 of 23

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

The magic is that banks create something of value: they create money.

Note that:

  • To create other valuable items we need valuable resources.
  • Banks create money by adding to a checking account.
Precedents:
  • Governments have done this for centuries: When they print paper currency, they transform items with little or no value into money with more value, value that is created from nothing.
The reality of money creation:
  • Banks do part of the money 'printing' or creation function historically performed by governments.
  • This is the reason why banks are heavily regulated.

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LABOR FORCE

The total number of people in an economy, society, or country willing and able to exert mental and/or physical efforts in productive activities. The labor force is a more technical term for the labor resource or labor supply. It includes both employed workers and unemployed workers. An official variation of this term is civilian labor force. While labor force may or may not include military personnel, the civilian labor force explicitly excludes the military. Labor and labor resources are the theoretical terms that economists like to banter about. Labor force and civilian labor force are the terms of choice for government policy makers, data-crunchers, and others who need precise labor resource numbers.

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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either a flower arrangement for your aunt or a birthday greeting card for your uncle. Be on the lookout for door-to-door salesmen.
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Two and a half gallons of oil are needed to produce one automobile tire.
"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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