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REVALUATION: The act of increasing the price (exchange rate) of one nation's currency in terms of other currencies. This is done by the government if it wants to raise the price of the country's exports and lower the price of foreign imports. This is an appropriate action if the country is running an undesired trade surplus with other countries. The procedure for revaluation is for the government to buy the nation's currency and/or sell foreign currencies through the foreign exchange market.

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Lesson 17: Money | Unit 2: More About Money Page: 9 of 25

Topic: Characteristics <=PAGE BACK | PAGE NEXT=>

There are four characteristics that let money do what money does.

Four characteristics:

  1. Durable: It helps to retain value from one exchange to the next and store value for future exchanges.
  2. Divisible: It lets us accurately match an amount of money to the precise value of a good.
  3. Transportable: It lets us to conduct exchanges far and wide, to go where we need to go for an exchange.
  4. Non-counterfeitable: It keeps the value of money from being diluted.

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AVERAGE FACTOR COST CURVE, MONOPSONY

A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average factor cost curve for a firm with market control is positively sloped.

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Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a case for your designer sunglasses or arch supports for your shoes. Be on the lookout for defective microphones.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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