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Most goods are capable of possesing all of the characteristics outlined above to a greater or lesser degree. The categories grow in size with M3 representing all forms of money (including credit) and M0 being just base money (coins, bills, and central bank deposits). The "labour theory of value" argues that a good or service is worth the labour that it takes to produce. Price is a measure of relative scarcity. With scarcity, choosing one alternative implies forgoing another alternative—the opportunity cost. Eclectic economists tend to economize to get an optimal result for the problem at hand. In the case of assets, debt is a means of using future purchasing power in the present before a summation has been earned. state and local government bonds are known as municipal bonds
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