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MARGINAL REVENUE CURVE: A curve that graphically represents the relation between marginal revenue received by a firm for selling its output and the quantity of output sold. The marginal revenue curve is constructed to capture the relation between marginal revenue and the level of output, holding other variables constant.
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Lesson 19: Money Creation | Unit 5: Policy
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Page: 20 of 23
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Controlling the money creation process is the key to understanding the role that money plays in the economy. In the old days: - Money was issued by government. With print and mint they had complete control over the quantity of money.
In the modern economy:- Checkable deposits are directly under the control of commercial banks. Government must control banks to control money.
Some history:- In the late 1800s, banks ran amuck, creating money as they saw fit. The economy experienced perpetual turmoil.
- In the 1970s and 1980s, S&Ls had instability problems.
- Since the mid 1980's, money creation has been under control. The economy has been strong and growing.
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FINANCIAL WEALTH, AGGREGATE EXPENDITURES DETERMINANT One of several specific aggregate expenditures determinants assumed constant when the aggregate expenditures line is constructed, and that shifts the aggregate expenditures line when it changes. An increase in financial wealth causes an increase (upward shift) of the aggregate expenditures line. A decrease in financial wealth causes a decrease (downward shift) of the aggregate expenditures line. Other notable aggregate expenditures determinants include consumer confidence, federal deficit, inflationary expectations, and exchange rates.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a bottle of blackcherry flavored spring water or a travel case for you toothbrush. Be on the lookout for celebrities who speak directly to you through your television.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"always remember an epitaph which is in the cemetery at Tombstone, Arizona. It says: „Here lies Jack Williams. He done his damnedest.¾ I think that is the greatest epitaph a man can have ‚ When he gives everything that is in him to do the job he has before him. That is all you can ask of him and that is what I have tried to do. " -- Harry Truman, 33rd US president
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G10
Group of Ten
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