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July 31, 2021 

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JOINT VENTURE: An activity undertaken by two or more entities in which each entity has some degree of control. Joint ventures are commonly undertaken by two or more business firms, allowing each firm to participate in the benefits of the venture without the loss of control that would come from a formal merger of the firms. For example, a bank and a computer company might undertake a joint venture to develop a computerized, online payment system. Joint ventures are usually risky activities and often related to the development of new technology.

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Lesson Contents
Unit 1: Money Basics
  • What It Is
  • THE Medium
  • Unit 1 Summary
  • Unit 2: More About Money
  • Functions
  • Medium of Exchange
  • Measure of Value
  • Store of Value
  • Standard of Deferred Payment
  • Characteristics
  • Unit 2 Summary
  • Unit 3: Monetary Aggregates
  • M1
  • M2
  • Near Monies
  • M3
  • L
  • Unit 3 Summary
  • Unit 4: Money's History
  • Barter
  • Commodity Money
  • Metal Commodity Money
  • Fiat Money
  • Money
  • Unit 4 Summary
  • Unit 5: Scarcity
  • Efficiency
  • Monetary Policy
  • Unit 5 Summary
  • Course Home
    Money

    In this lesson, we examine my favorite economic topic -- money. In addition to being the root of all evil, money is a critical component of the macroeconomy. The basic rule is that too much money causes inflation and too little money causes unemployment. To lay the foundation for further study of money and the macroeconomy, this lesson presents the money basics, including what money is, what money does, how money is measured, and how money evolved to it's current format.

    • The first unit begins this lesson with a look at what money is (hint: anything that people use for exchanges), and money's role as a medium of exchange.
    • The main topics of the second unit are the four functions of money and the four characteristics of money.
    • The third unit then examines and compares the monetary aggregates, the official measures of money tracked by the U.S. government.
    • The history of money is the prime topic of the fourth unit, with a look at how modern fiat money evolved from self sufficiency, barter, and commodity money.
    • The fifth unit then ponders the connection between money, efficiency, and the scarcity problem, with an eye toward the use of monetary policies.

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    FACTOR SUPPLY

    The willingness and ability of scarce resources or factors of production to offer their services for use in productive activities. Factor supply relates price and quantity, specifically, factor supply is the range of factor quantities that are supplied at a range of factor prices. This is one half of the factor market. The other half is factor demand. The factors of production subject to factor supply include any and all of the four scarce resources--labor, capital, land, and entrepreneurship. However, because labor involves human beings directly, it is the factor that tends to receive the most scrutiny and analysis.

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    APLS

    BEIGE MUNDORTLE
    [What's This?]

    Today, you are likely to spend a great deal of time at an auction hoping to buy either throw pillows for your bed or a package of blank rewritable CDs. Be on the lookout for broken fingernail clippers.
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    This isn't me! What am I?

    Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
    "Difficulties mastered are opportunities won. "

    -- Winston Churchill, Statesman

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    Ratio of Total Market Value of Physical Assets
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