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October 18, 2018 

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AR: The abbreviation for average revenue, which is the revenue received for selling a good, per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue actually goes by a simpler and more widely used term... price. Average revenue is really a fancy-schmancy term for the price received by a seller for selling a good. However, using the longer term average revenue let's us see the connection with other terms, like total revenue, marginal revenue, and quantity.

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Lesson 19: Money Creation | Unit 1: A Little Magic Page: 4 of 23

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  • That money is currency and checkable deposits, that currency is issued by the federal government, and that checkable deposits, 60% of M1, is issued by commercial banks
  • That money is essential to our economy as a medium of exchange, that banks are perpetually balancing assets between profit-seeking loans and deposit-protecting reserves, and that banks are heavily regulated by the government.
  • That the mystical source of magic is fractional-reserve banking. And that banks can create money by merely adding it to our checking accounts.
  • Banks do part of the money 'printing' or creation function historically performed by governments.

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SELF CORRECTION, RECESSIONARY GAP

The automatic process in which the aggregate market eliminates a recessionary gap created by a short-run equilibrium that is less than full employment through decreases in wages (and other resource prices). The self-correction mechanism is triggered by short-run resource market imbalances that are closed by long-run price flexibility. The self-correction process of the aggregate market also acts to close an inflationary gap with higher wages (and other resource prices).

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APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?

The word "fiscal" is derived from a Latin word meaning "moneybag."
"Executives who get there and stay suggest solutions when they present the problems. "

-- Malcolm Forbes, business executive

BJE
Bell Journal of Economics
A PEDestrian's Guide
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