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GROUP OF SEVEN: The seven of the most advanced and industrialized nations of the world (abbreviated G-7)--the United States, Britain, France, Italy, Canada, Germany, and Japan--that meet regularly to coordinate fiscal and monetary policies. Their actions are based on the proposition that our global economy and the individual countries are better off through cooperation than conflict.
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Lesson 17: Money | Unit 2: More About Money
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Page: 10 of 25
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- The four functions of money:
- Medium of exchange: money makes it easier to buy, sell, produce, and consume goods and services.
- Measure of value: prices are stated in terms of the monetary unit.
- Store of value: value can be stored over time with money.
- 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:
- Durable: It helps to retain value from one exchange to do the next and store value for future exchanges.
- Divisible: It lets us accurately match an amount of money to the precise value of a good.
- Transportable: It allows us to conduct exchanges far and wide, to go where we need to go for an exchange.
- Non-counterfeitable: It keeps the value of money from being diluted.
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TOTAL VARIABLE COST AND MARGINAL COST A mathematical connection between marginal cost and total variable cost stating that marginal cost IS the slope of the total variable cost curve. This relation between total variable cost and marginal cost is also seen with total cost. The slope of the total cost curve is marginal cost, as well. The relation between total variable cost and marginal cost is but another in the long line of applications of the total-marginal relation.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a coffee cup commemorating next Thursday or a replacement remote control for your stereo system. Be on the lookout for strangers with large satchels of used undergarments.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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MC
Marginal Cost
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