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HORIZONTAL EQUITY: A system of taxes that treats equal people equally. In other words, if you make the same income as someone else and pay the same personal income taxes, then you have horizontal equity.

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Lesson 19: Money Creation | Unit 2: Fred Returns Page: 6 of 23

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

Our honest and trustworthy Fred discovers paper currency.

Fred's system:

  • Fred tracks gold deposits and withdrawals by issuing receipts for each deposit.
  • Fred returns the gold in exchange for a receipt.Three features:
  • First: The knight need not, and probably does not, withdraw the same gold deposited.
  • Second: Fred need not personally know each knight requesting services.
  • Third: Gold receipts are as good as gold, because people know the receipts can be redeemed for gold.Therefore:
  • Gold receipts become money for the local economy.
  • Fred has discovered paper currency, fiat money, and what is comparable to the checkable deposit function of modern banks.

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AVERAGE REVENUE

The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. Using the longer term average revenue rather than price provides a connection to other related terms, especially total revenue and marginal revenue. When compared with average cost, average revenue indicates the amount of profit generated per unit of output produced. Average revenue is often depicted by an average revenue curve.

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APLS

BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either yellow cotton balls or a set of steel-belted radial snow tires. Be on the lookout for the happiest person in the room.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

T-BILL
Treasury Bill
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