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IMPORTS: Goods and services produced by the foreign sector and purchased by the domestic economy. In other words, imports are goods purchased from other countries. The United States, for example, buys a lot of the stuff produced within the boundaries of other countries, including bananas, coffee, cars, chocolate, computers, and, well, a lot of other products. Imports, together with exports, are the essence of foreign trade--goods and services that are traded among the citizens of different nations. Imports and exports are frequently combined into a single term, net exports (exports minus imports).
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Lesson 17: Money | Unit 2: More About Money
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Page: 8 of 25
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Topic:
Standard of Deferred Payment
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Money is used as a standard of deferred payment, buying now and paying later.- A car loan: Borrow money to buy a car today, then pay off the loan with deferred payments into the future.
- Money as a standard of deferred payment is a direct consequence of the unit of account and store of value functions of money.
- Money is the standard for current prices and future payments based on those prices.
- For money to function as a deferred payment, it must retain value.
- The key to storing value in money is price inflation.
- Deferred payments need to anticipate future money values based on future inflation.
- The inflation adjustment is accomplished by through interest rates.
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KINKED-DEMAND CURVE A demand curve with two distinct segments which have different elasticities that join to form a corner or kink. The primary use of the kinked-demand curve is to explain price rigidity in oligopoly. The two segments are: (1) a relatively more elastic segment for price increases and (2) a relatively less elastic segment for price decreases. The relative elasticities of these two segments is based on the interdependent decision-making of oligopolistic firms.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness." -- Martin Luther King, Jr., clergyman
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PO
Pareto Optimal
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