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The Artist's Revolution: Bitcoin's Impact on Creative Expression with Christos Palios (WiM484)
The "What is Money?" Show
Understanding Profit and Capital in Economics
Profit is the residual of output over input, defined as revenues minus costs. Profits can be stored in consumable goods or capital goods used for further production. Capital goods amplify returns on labor or accelerate achievement of goals. Capital is not limited to physical assets but includes social, political, reputational, and human capital. Money serves as a representation of goods saved for future consumption, with savings being goods produced but not yet consumed.
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