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Lesson 17: Money | Unit 2: More About Money Page: 10 of 25

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  • The four functions of money:
    1. Medium of exchange: money makes it easier to buy, sell, produce, and consume goods and services.
    2. Measure of value: prices are stated in terms of the monetary unit.
    3. Store of value: value can be stored over time with money.
    4. Standard of deferred payment: future payments are also in terms of the monetary unit.
  • Using money as a medium of exchange eases the exchange process, makes it more efficient, and frees resources for production.
  • Using money as the unit for prices gives a measure for value, that is, how much value we place on a good.
  • Price inflation is the nemesis for the store of value function of money.
  • Money is used as a standard for buying now and paying later.
  • The four characteristics of money:
    1. Durable: It helps to retain value from one exchange to do the next and store value for future exchanges.
    2. Divisible: It lets us accurately match an amount of money to the precise value of a good.
    3. Transportable: It allows us to conduct exchanges far and wide, to go where we need to go for an exchange.
    4. Non-counterfeitable: It keeps the value of money from being diluted.

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LONG-RUN AVERAGE COST CURVE, DERIVATION

The long-run average cost curve is the envelope of an infinite number of short-run average total cost curves, with each short-run average total cost curve tangent to, or just touching, the long-run average cost curve at a single point corresponding to a single output quantity. The key to the derivation of the long-run average cost curve is that each short-run average total cost curve is constructed based on a given amount of the fixed input, usually capital. As such, when the quantity of the fixed input changes, the short-run average total cost curve shifts to a new location.

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