March 18, 2018 

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REALISM OF PERFECT COMPETITION: Perfect competition is an idealized market structure that does NOT exist in the real world. While some real world industries might come relatively close to a one or two of the four key characteristics of perfect competition, none matches all four sufficiently that we can declare a perfectly competitively industry. Some industries come close on the large number of small firms and the identical product characteristics. A few industries have relatively good, although not perfect, information about prices and technology. However, almost all industries fall far short of the perfect mobility characteristics.

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Lesson 17: Money | Unit 3: Monetary Aggregates Page: 11 of 25


The United States uses currency, coins, and checks as money, which is M1.

We have several different 'definitions' of money called monetary aggregates.

Monetary aggregate M1:

  • It is the sum of currency and coins held by the non-bank public, and checkable deposits.
  • These are the items in our economy that are generally accepted in payment and regularly used for market transactions.
  • We have over one trillion dollars of M1.
  • Total M1 averaged over 270 million people in the U. S. is about $4,000 per person.

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A subset of the balance of payments current account that records the difference between the payments received for exports of goods to other nations and the payments made for the imports of goods from other nations. The goods included are physical or tangible goods, but not intangible services. The balance on merchandise trade is thus appropriately divided into merchandise exported and merchandise imported. Two other subsets of the current account include the balance on services and unilateral transfers. The commonly termed balance of trade is the sum of the balance on merchandise trade and the balance on services.

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