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Suppose Mexico is a major export market for your U.S.-based company and the Mexican peso depreciates drastically against the U.S. dollar, as it did in December 1994. This means that
Fractional Reserves
A banking system in which banks hold a fraction of their depositors' funds in reserve, lending out the remainder to earn interest.
Opportunity Cost
The loss of potential gain from other alternatives when one alternative is chosen, representing the benefits an individual, investor, or business misses out on when choosing one option over another.
Fiat Money
Currency that a government has declared to be legal tender, despite it lacking intrinsic value and not being backed by physical commodities.
Legal Tender
Government-issued currency that, by law, must be accepted as a form of payment within the country.
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