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September 15, 2019 

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HARD MONEY: Historically money that is in the form of precious metals, especially gold. In modern times, any national currency that is expected to retain its value (and even appreciate in value), and is readily acceptable for most international transactions. The U.S. dollar, German marc, and Swiss franc tend to be near the top of the list of hard money (also termed hard currency).

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GOVERNMENT: A political body exercising control and authority over a group of individuals. Governments allocate resources based on laws and the command of the government.

     See also | government functions | government sector | good types | public choice | fifth rule of imperfection |


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GOVERNMENT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: September 15, 2019].


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LONG-RUN AVERAGE COST CURVE, DERIVATION

The long-run average cost curve is the envelope of an infinite number of short-run average total cost curves, with each short-run average total cost curve tangent to, or just touching, the long-run average cost curve at a single point corresponding to a single output quantity. The key to the derivation of the long-run average cost curve is that each short-run average total cost curve is constructed based on a given amount of the fixed input, usually capital. As such, when the quantity of the fixed input changes, the short-run average total cost curve shifts to a new location.

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a how-to book on home repairs or a large, stuffed kitty cat. Be on the lookout for high interest rates.
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This isn't me! What am I?

Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"Most human beings have an almost infinite capacity for taking things for granted. "

-- Aldous Huxley, writer

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