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TOTAL VARIABLE COST CURVE: A curve that graphically represents the relation between total variable cost incurred by a firm in the short-run production of a good or service and the quantity produced. The marginal cost curve, THE focal point for the analysis of short-run production, can be derived directly from the total variable cost curve. The shape of the total variable cost curve reflects increasing marginal returns at small quantities of output and decreasing marginal returns at later quantities.

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Lesson 17: Money | Unit 4: Money's History Page: 22 of 25

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  • Barter lets resources specialize in production and that with barter trades, people can access a wider variety of goods than they could produce on their own.
  • That commodity money has value in use and value in trade and that the value in use dictates value in trade.
  • That metals are a natural for use as a commodity money and that their most important characteristic is durability.
  • That fiat money has little or no value in use compared to value in exchange.
  • That electronic money fits two of the four characteristics of money: it is easy to transport and completely divisible, but it raises questions about being counterfeitable and durable.

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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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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for slow moving vehicles with darkened windows.
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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.
"Always vote for principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost. "

-- John Quincy Adams, 6th US president

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