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April 16, 2024 

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T-ACCOUNT: A handy little diagram used to illustrate changes in the assets and liabilities of a bank's balance sheet. A T-account, so named because or its perpendicular lines that look like a T, represents changes in assets on the left and changes in liabilities and net worth on the right.

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MEDIUM OF EXCHANGE: The money function in which money is widely accepted in exchange for goods and services. For an asset to function as a medium of exchange it need to have value in use, but only value in exchange. This is one of four basic functions of money. The other three are measure of value, store of value, and standard of deferred payment. THE primary function of money is to act as THE medium of exchange. People use money to buy and sell goods. Buyers give up money and receive goods and sellers give up goods and receive money. Money makes transactions easier because everyone is willing to trade money for goods and goods for money.

     See also | money | money functions | unit of account | price | unit of account | store of value | standard of deferred payment |


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MEDIUM OF EXCHANGE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 16, 2024].


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INCOME EARNED BUT NOT RECEIVED

The three types of income earned but not received (IEBNR) by the factors of production are Social Security taxes, corporate profits taxes, and undistributed corporate profits. IEBNR is subtracted from national income to calculate personal income.

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Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for vindictive digital clocks with revenge on their minds.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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