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IMPERFECT COMPETITION: Any markets or industries that do not match the criteria for perfect competition. The key characteristics of perfect competition are: (1) a large number of small firms, (2) identical products sold by all firms, (3) freedom of entry into and exit out of the industry, and (4) perfect knowledge of prices and technology. These four characteristics are essentially impossible to match in the real world.

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Lesson 17: Money | Unit 4: Money's History Page: 20 of 25

Topic: Fiat Money <=PAGE BACK | PAGE NEXT=>

Fiat money has little or no value in use compared to value in exchange. The value in exchange of fiat money is under control of an authority, usually government.

The transition:

  • First: Paper currency was backed by metal stored in a secure location. The paper could be traded for equivalent amounts of silver or gold.
  • Second: Because no one traded paper currency for metal, metal wasn't needed to back the paper. They just need a paper currency-to-metal exchange rate.
  • Third: Authorities stopped fixing the currency-to-metal exchange price. Paper currency was valuable based on the ability to purchase goods.

A two-edged sword:

  • Authority acquires the ability to control money and also the responsibility.

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AGGREGATE EXPENDITURES

The total expenditures on gross domestic product undertaken in a given time period by the four sectors--household, business, government, and foreign. Expenditures made by each of these sectors are commonly termed consumption expenditures, investment expenditures, government purchases, and net exports. Aggregate expenditures (AE) are a cornerstone in the study of macroeconomics, playing critical roles in Keynesian economics, aggregate market analysis, and to a lesser degree, monetarism. In particular, aggregate expenditures are combined with the price level as aggregate demand.

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APLS

BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for the happiest person in the room.
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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.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

MCA
Monetary Control Act of 1980
A PEDestrian's Guide
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