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VALUE: Quite simply, this is the amount of consumer satisfaction directly or indirectly obtained from a good. service, or resource. The more a good satisfies a person's want or need, then the more valuable it is to that person. Furthermore, different people are likely to place different values on a good. Resources are valuable to the degree that they are used to produce stuff that consumers want. The bottom line is that value, like beauty, is truly in the eye of the beholder.

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Lesson 17: Money | Unit 3: Monetary Aggregates Page: 12 of 25

Topic: M2 <=PAGE BACK | PAGE NEXT=>

M2 is a broader measure of money that includes M1 plus what we can call near money.
  • We have over four trillion dollars of M2 in total.
  • Total M2 averaged over 270 million people is about $15,000 per person.

Near monies:

  • These are temporary savings, a pool of funds that can be accessed quickly and easily.
  • These funds are very liquid, but not perfectly liquid as M1.
  • Some people, specially economists, argue that M2 is the best indicator of our total supply of 'money.'

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PERFECTLY ELASTIC

An elasticity alternative in which infinitesimally small changes in one variable (usually price) cause infinitely large changes in another variable (usually quantity). Quantity is infinitely responsive to price. Any change in price, no matter how small, triggers an infinite change in quantity. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Perfectly elastic is one of five elasticity alternatives. The other four are perfectly inelastic, relatively elastic, relatively inelastic, and unit elastic.

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PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a birthday gift for your father that doesn't look like every other birthday gift for your father or a green fountain pen. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?

The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

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International Development Association
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