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January 22, 2018 

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INHERITANCE TAX: A tax on that portion of the Assets of a deceased person that's received by another. This should be compare with an estate tax, which is a tax is paid on the value of all assets before they are distributed to heirs.

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Lesson 2: Economic Science | Unit 2: Theory Page: 7 of 20

Topic: Economic Theories <=PAGE BACK | PAGE NEXT=>

Three common economic theories:
  • Markets theory: It helps us understand how and why prices change, shortages and surpluses occur, and markets are monopolized.
  • Aggregate Markets theory: It uses principles and concepts developed in the theory of markets, but adapts them to the study macroeconomic things like inflation, unemployment, national production, and business cycles.
  • Keynesian theory: Named after it's creator John Maynard Keynes, it was developed to explain high rates of unemployment and other economic conditions that existed during the Great Depression of the 1930s.

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STANDARD OF DEFERRED PAYMENT

The money function in which money is used as a standard benchmark for specifying future payments for current purchases, that is, buying now and paying later. This function may seem obscure, but it is a direct result of the store of value and unit of account functions. This is one of four basic functions of money. The other three are medium of exchange, unit of account, and store of value.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store trying to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for malfunctioning pocket calculators.
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The average bank teller loses about $250 every year.
"Now is the only time there is. Make your now wow, your minutes miracles, and your days pay. Your life will have been magnificently lived and invested, and when you die you will have made a difference."

-- Mark Victor Hansen

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European Monetary System
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