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PPC: The abbreviation for production possibilities curve, which is a curve that illustrates the production possibilities for the economy. A production possibilities curve represents the boundary or frontier of the economy's production capabilities. That's why it's also frequently termed a production possibilities frontier (or PPF). As a frontier, it is the maximum production possible given existing (fixed) resources and technology. Producing on the curve means resources are fully employed, while producing inside the curve means resources are unemployed. The law of increasing opportunity cost is what gives the curve its distinctive convex shape.
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Lesson 17: Money | Unit 1: Money Basics
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Page: 1 of 25
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Money can be just about anything. Two points: - The 'thing' part: Money is an asset, something of value. In modern world we use paper currency, coins or checks.
- The 'any' part: Anything can function as money. What money is, is less important than what money does.
Money is something that can be readily traded for valuable assets. A definition: - Money is anything that is generally accepted in exchange for goods and services.
- Money can be pieces of paper, metal coins, bank accounts, animal skins, shiny trinkets, or anything as long as it is generally accepted by society as payment.
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AUCTION A formal market exchange in which prospective buyers make bids to purchase a commodity. An auction is an effective way of exchanging commodities by bringing together buyers and sellers. Auctions are commonly used to exchange financial instruments, agricultural commodities, personal assets, and works of art. Three notable types of auctions are English, Dutch, and sealed-bid.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at a flea market wanting to buy either a remote controlled World War I bi-plane or a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for jovial bank tellers.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"Lord, where we are wrong, make us willing to change; where we are right, make us easy to live with. " -- Peter Marshall, US Senate chaplain
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GATS
General Agreement on Trade in Services
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