March 23, 2018 

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PAPER CURRENCY: Paper usually issued by the national government that are used as money. Metal coins are also frequently included under the generic heading of currency. Currency in the U.S. economy is issued by the Federal Reserve System (paper) and the U.S. Treasury (coins). This constitutes about 30 to 40 percent of the M1 money supply. Most modern currency is fiat money.

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Lesson 4: Production Possibilities | Unit 2: The Schedule Page: 5 of 24

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This is a simple, hypothetical production possibilities schedule for the economy.
  • The economy is using all resources with given technology to efficiently produce two goods, jogging shoes and quartz clock calibrators.
  • Bundles A through K represent production alternatives for the economy, such as bundle D with 3 calibrators and 425 pairs of shoes. We have unlimited possibilities using available resources and technology to the fullest extent.
  • All shoes, no calibrators, bundle A.
  • All calibrators, no shoes, bundle K.
  • Some of each good, bundles E or J.
  • How about 9 calibrators and 410 pairs of shoes? No! Each bundle is the maximum we can produce.

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Three alternative views concerning the choice between a risky outcome and a certain outcome -- risk aversion, risk neutrality, and risk loving. Some people prefer to avoid risk (risk aversion), others enjoy engaging in risk (risk loving), and still others are indifferent (risk neutrality). Most people are risk averse, which underlies the provision of insurance. Others who are risk loving are more inclined to gamble, play the stock market, and be entrepreneurs.

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Today, you are likely to spend a great deal of time at a flea market wanting to buy either a how-to book on home remodeling or a tall storage cabinet with five shelves and a secure lock. Be on the lookout for a thesaurus filled with typos.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."

-- Elizabeth Stuart Phelps, Writer

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