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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 11: Elasticity Basics | Unit 4: A Continuum Page: 18 of 25

 Topic: Relative Elastic <=PAGE BACK | PAGE NEXT=>

• A large section of the elasticity continuum is comprise of relatively elastic:

Relatively elastic is an elasticity alternative in which relatively small changes in one variable (price) cause relatively large changes in another variable (quantity).

• Once again, this range holds for both the price elasticity of demand and the price elasticity of supply, because the negative value of the price elasticity of demand is ignored.

• Relatively elastic demand and supply are represented by relatively flat, but not perfectly horizontal, demand and supply curves.

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L

A broad monetary measure that combines M3 plus several liquid assets, including commercial paper, U.S. Treasury bills, savings bonds, and bankers' acceptances. L used to be tracked and reported by the Federal Reserve System along with M1, M2, and M3. However, L is no longer reported.

 PINK FADFLY[What's This?] Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for poorly written technical manuals.Your Complete Scope
 The word "fiscal" is derived from a Latin word meaning "moneybag."
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