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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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INVOLUNTARY EXCHANGE The process of unwillingly trading one valuable commodity (good, service, or resource) for another, usually prompted by the coercive powers of government. The key term is "unwillingly," which distinguishes involuntary exchanges from voluntary exchanges, such as those that are the foundation of market transactions.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"You are younger today than you will ever be again. Make use of it for the sake of tomorrow. " -- Norman Cousins, editor
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NLS National Longitudinal Survey
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