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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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AVERAGE REVENUE PRODUCT Total revenue generated per unit of a variable input, keeping all other inputs unchanged. Average revenue product, usually abbreviated ARP, is found by dividing total revenue by the variable input or by multiplying average physical product by average revenue. Average revenue product is a part of marginal productivity theory used to analyze the demand for productive inputs.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time searching for rummage sales trying to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for a thesaurus filled with typos.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Always vote for principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost. " -- John Quincy Adams, 6th US president
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ACBS
Accrediting Commission for Business Schools
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