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HOT MONEY: Financial capital that quickly moves from one financial asset to another in search of or with expectations of higher interest rates and return. Hot money can move from one bank to another or from one country to another. For banks, hot money usually refers to deposits that exceed FDIC insured limits that bounce around from bank to bank as interest rates change. For countries, hot money refers to financial capital that quickly leaves one country due to exchange rates, interest rate differentials, or economic turmoil, or the threat of war.
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Lesson 17: Money | Unit 1: Money Basics
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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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MARGINAL FACTOR COST CURVE A curve that graphically represents the relation between marginal factor cost incurred by a firm for hiring an input and the quantity of input employed. A profit-maximizing firm hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a firm with no market control is horizontal. The marginal factor cost curve for a firm with market control is positively sloped and lies above the average factor cost curve.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"Man is born to live, not to prepare for life. " -- Boris Pasternak, writer
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Income
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