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September 19, 2021 

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BILATERAL MONOPOLY, FACTOR MARKET ANALYSIS: The analysis of a factor market characterized by monopsony dominating the buying side and monopoly dominating the selling side indicates that the factor price and quantity exchanged depends on the negotiating power of each side. Ironically, the factor price is likely to be closer to the efficient price achieved with perfect competition than that achieved individually by either monopsony or monopoly.

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Lesson 19: Money Creation | Unit 2: Fred Returns Page: 8 of 23

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The money creation mechanism is a profitable opportunity.
  • With 10% of his receipts redeemed at any given time Fred can issue up to 1,000 pounds of receipts.
  • 100 pounds for the original deposits plus another 900 pounds for loans.
Important points:
  • Fred has created money: Because his receipts are money, he can create money by making loans.
  • The new extra 900 pounds of money is used for investment that promotes economic growth.
A precarious balancing act:
  • If people redeem more than the 10% of the receipts, Fred is in trouble.
  • If so, the receipts become worthless, the money supply shrinks, and the local economy enters a recession.

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STANDARD OF DEFERRED PAYMENT

The money function in which money is used as a standard benchmark for specifying future payments for current purchases, that is, buying now and paying later. This function may seem obscure, but it is a direct result of the store of value and unit of account functions. This is one of four basic functions of money. The other three are medium of exchange, unit of account, and store of value.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for defective microphones.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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