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FIAT MONEY: A medium of exchange (money) with value in exchange, but little or no value in use. Modern paper currency, coins, and checkable deposits are fiat money. The value of fiat money comes from the public's general willingness to accept it in exchange for other goods. This willingness comes from the fact that EVERYONE is willing to accept fiat money in exchange, which largely depends on the public's confidence in the authority (usually government) issuing the fiat money. Fiat money is NOT valuable unto itself, but it is valuable for what it can buy.
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Lesson 9: Macro Basics | Unit 2: Macro Problems
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Page: 4 of 16
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A modern, complex economy like the U.S. economy pursues three macro goals:- Full employment: Using all available resources for production.
- Stability: Avoiding inflation and/or fluctuations in the economy.
- Growth: Lessening the problem of scarcity by increasing production capabilities.
- We always pursue these goals but conflicts mean we cannot reach them at the same time.
- More conflicts result from pursuit of the micro goals of efficiency and equity.
- Macroeconomic problems from not reaching this goals are: production, unemployment, and inflation.
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AVERAGE REVENUE CURVE, MONOPOLY A curve that graphically represents the relation between average revenue received by a monopoly for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a monopoly's output.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall trying to buy either a weathervane with a horse on top or a case of blank recordable DVDs. Be on the lookout for crowded shopping malls.
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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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"Defeat is simply a signal to press onward." -- Helen Keller, lecturer, author
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LPG
Liquid Petroleum Gas
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