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WORLD BANK: (International Bank for Reconstruction and Development) An agency of the United Nations that was established in 1945 to promote the economic development of the poorer nations in the world. They pursue this goal by providing low-interest loans to less development countries and offering technical assistance on the best ways to use these loans. Funds for the loans are obtained by the World Bank by selling bonds on the world's financial markets. It's long-run economic development orientation is usually coordinated with the shorter-run efforts of its sister U. N. agency, the International Monetary Fund.

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Lesson 17: Money | Unit 2: More About Money Page: 7 of 25

Topic: Store of Value <=PAGE BACK | PAGE NEXT=>

Another function of money is store of value.
  • It means that we retain the value, the satisfaction of wants and needs, provided by a good over a period of time.

Ways to store of value:

  • Buy a product and store it for a week.
  • Buy a gift certificate and redeem it after a week.
  • Buy another good, keep it for a week, sell it and then use this money to buy a product.
  • Keep the money one week or then buy the good.

A potential problem:

  • If the price of the good rises money becomes a less effective means of storing value.
  • Price inflation is the nemesis for the store of value function of money.

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AMERICAN ECONOMIC ASSOCIATION

A formal organization of professional economists that promotes economic research, organizes annual meetings and conferences, and maintains a list of publications in several economics subjects. The American Economic Association (AEA) was originally organized by a small group interested in economics at a meeting in 1888 in Saratoga, New York. However, as interest in the subject grew, it officially incorporated in 1923. Although the AEA contained only a small number of members in the beginning, today the membership is approximately 18,000. In addition, about 4,600 libraries, institutions, and firms subscribe to the quarterly publications of the AEA.

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APLS

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Today, you are likely to spend a great deal of time searching for rummage sales trying to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for a thesaurus filled with typos.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
"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

NAIRU
Non-Accelerating Inflation Rate of Unemployment
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