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INCREASING-COST INDUSTRY: A perfectly competitive industry with a positively-sloped long-run industry supply curve that results because expansion of the industry causes higher production cost and resource prices. For an increasing-cost industry the entry of new firms, prompted by an increase in demand, causes the long-run average supply curve of each firm to shift upward, which increases the minimum efficient scale of production.
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Lesson 19: Money Creation | Unit 2: Fred Returns
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Page: 6 of 23
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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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KEYNESIAN CROSS A diagram illustrating the basic Keynesian theory of macroeconomics, with aggregate expenditures measured on the vertical axis and aggregate production measured on the horizontal axis, with the relation between aggregate expenditures and aggregate production represented by a positively-sloped aggregate expenditures line. The "cross" aspect of this diagram is the intersection between the aggregate expenditures line and a 45-degree line indicating every point of equality between aggregate expenditures and aggregate production. The "Keynesian" aspect of this diagram is derived from John Maynard Keynes, the developer and namesake of Keynesian economics.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a set of luggage with wheels or a birthday gift for your aunt. Be on the lookout for fairy dust that tastes like salt.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"Defeat is simply a signal to press onward." -- Helen Keller, lecturer, author
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NSF
National Science Foundation
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