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UNIT OF ACCOUNT: The money function in which money is used as the common benchmark to designate the prices of goods throughout the economy. Unit of account, or measure of value, means money is functioning as the measuring unit for prices. In other words, prices of goods are stated in terms of the monetary unit. This is one of four basic functions of money. The other three are medium of exchange, store of value, and standard of deferred payment.
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Lesson Contents
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Unit 1: Buying Basics |
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Unit 2: Law of Demand |
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Unit 3: Demand Curve |
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Unit 4: Determinants |
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Unit 5: Scarcity | |
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Market Demand
This lesson on demand offers a little insight, not only into my Stuffed Amigo buying behavior, but into the purchases of a wide range of other goods, too, even goods that aren't cute and cuddly. In fact, this demand topic does more than offer insight into buying behavior. It's also one half of the market analysis -- the other half being supply. And market analysis is one of the most widely used tools in the study of economics. Economists explain a lot of economic phenomenon using markets. But to use markets, we need demand, which brings us back to this lesson. - In the first unit of this lesson, Buying Basics, we examine the basic concept of demand. While you've likely come across the term demand before, we'll see the specific way the term is used in economics.
- The second unit, Law of Demand, then takes a look at the law of demand, which is one of the most important and fundamental economic principles that we'll encounter.
- As we move on to the third unit, Demand Curve, our attention turns to the demand curve, which is the graphical embodiment of demand.
- In the fourth unit, Determinants, we examine how the five basic demand determinants that cause the demand curve to shift from one location to another.
- And finally in the fifth unit, Scarcity, we make a connection between demand and the fundamental problem of scarcity.
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INSTITUTION An established method or way of performing an activity that is widely accepted throughout society. Institutions provide the rules, guidelines, and structure needed to carry out day-to-day economic activities, such as production, consumption, and exchange.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area wanting to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for infected paper cuts.
Your Complete Scope
This isn't me! What am I?
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"Whenever you fall, pick up something. " -- Oswald Avery, scientist
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TDR
Treasury Deposit Receipt
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