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Description: A medium of exchange is an intermediary instrument or system used to facilitate the purchase and sale of goods and services between parties.

Example: Buying a cup of coffee with a five dollar bill at the coffee shop because the bill is generally accepted by both you and the buyer.

Pros: A currency is only as good as the government that issues it.

Cons: A medium of exchange works if its value is immediately recognizable, reasonably stable, and portable.

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Description: An asset, commodity, or currency that maintains its value without depreciating.

Example: A worker holding onto the $100 they earned, expecting it to hold its value so they can spend it on groceries next week, or keeping it in a stable bank account to pay for a larger purchase next year, such as a down payment on a car.

Pros: Inflation protection, wealth preservation during economic crises, and portfolio diversification.

Cons: inflation diminishing purchasing power and lack of liquidity making them hard to access quickly.

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Description: we use a unit of account to gauge the monetary value of pretty much anything. Such a property of money enables us to compare, for instance, the value of a car with the value of a house.

Example: seeing a price tag for a product, like a shirt, displayed in U.S. dollars

cons: its instability due to inflation or deflation, which erodes its purchasing power and makes it difficult to compare the value of goods and services over time

pros: its instability due to inflation or deflation, which erodes its purchasing power and makes it difficult to compare the value of goods and services over time

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description: The fixed amount of money and employer pays an employee for each hour of worked performed

Example: a fast food worker earning 15$ per hour every hour they work.

pros: overtime pay for extra hours worked and increased flexibility in scheduling

cons: unpredictable income due to fluctuating hours, fewer benefits like paid time off and health insurance compared to salaried positions, and less financial stability, making long-term budgeting and planning more difficult

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description: a fixed amount of money or compensation paid to an employee by an employee in return for work performed

Example: an office manager earning $60,000 per year, paid bi-weekly, resulting in $2,500 per paycheck before taxes and deductions

pros: a consistent and predictable income, which simplifies budgeting, and a higher likelihood of receiving employee benefits like health insurance, retirement plans, and paid time off

cons: Lack of overtime pay

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description: Tip income is any money or items of value given voluntarily by a customer to an employee for a service performed.

pros: the potential for higher earnings, immediate access to cash, and motivation to provide excellent service.

cons: income volatility and unpredictability, wage theft and exploitation risks, discrimination based on customer bias, difficulty with benefits and payroll deductions, potential for power imbalances with employers, and a reliance on a cultural practice that can perpetuate unfair treatment

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description: a self-employed individual or entity that provides services to clients under a contract, rather than being an employee

pros: greater flexibility in your schedule and work location, the autonomy to be your own boss and choose your own projects, potential for higher earnings by setting your own rates, the ability to diversify your skills and client base, and significant tax advantages through deductions for business expenses

cons: greater flexibility in your schedule and work location, the autonomy to be your own boss and choose your own projects, potential for higher earnings by setting your own rates, the ability to diversify your skills and client base, and significant tax advantages through deductions for business expenses

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description: a distribution of a portion of a company's earnings to its shareholders.

pros: a variety of benefits for investors, including a consistent income stream, reduced portfolio volatility, and strong compounding returns when reinvested.

cons: Investing in dividend-paying stocks carries several drawbacks, including the risk of limited growth potential, tax liabilities, and the possibility of dividend cuts.

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description: A capital gain is the profit realized from selling a capital asset for more than its original purchase price.

pros: lower tax rates for long-term investments, which incentivizes holding assets for more than a year.

cons: "lock-in effect," inflation's impact on real returns, tax complexity, and potentially discouraging risk-taking and productive investments

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description: a type of digital currency that allows people to make payments directly to each other through an online system

pros: cheaper and faster money transfer

cons: high volatility, security risks from scams and hacking, complex tax obligations, and a lack of consumer protections compared to traditional financial systems.