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PHYSICAL FLOW: In the circular flow, the counter-clockwise transfer of goods and services from the business sector to the household sector and the transfer of resource services from the household sector to the business sector. The payment flow moves in the opposite direction. The physical flow, the physical movement of goods and services, is the foundation of the economy's circular flow. The fundamental problem of scarcity is addressed by physically transforming scarce resources into goods and services that are then used to satisfy wants and needs.

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AVERAGE PROPENSITY TO SAVE: The proportion of income, usually measured as disposal income or national income, used for household saving. It is found by dividing saving by income. The average propensity to save, abbreviated APS, is most relevant for discussions of Keynesian economics. The average propensity to save is the average amount of total household income that is devoted to saving and NOT used for consumption expenditures.

     See also | disposable income | national income | saving | consumption expenditures | household sector | Keynesian economics | marginal propensity to consume | average propensity to consume | marginal propensity to save | saving function | saving line | Keynesian economics | saving-investment equality | circular flow | financial markets |


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FIAT MONEY

A medium of exchange (money) with value in exchange, but little or no value in use. Modern paper currency, coins, and checkable deposits are fiat money. The value of fiat money comes from the public's general willingness to accept it in exchange for other goods. This willingness comes from the fact that EVERYONE is willing to accept fiat money in exchange, which largely depends on the public's confidence in the authority (usually government) issuing the fiat money. Fiat money is NOT valuable unto itself, but it is valuable for what it can buy. In the march toward economic complexity, fiat money emerged from commodity money, money with both value in exchange and value in use.

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Today, you are likely to spend a great deal of time at an auction wanting to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for rusty deck screws.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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