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AD: The abbreviation for aggregate demand, which is the total (or aggregate) real expenditures on final goods and services produced in the domestic economy that buyers would willing and able to make at different price levels, during a given time period (usually a year). Aggregate demand (AD) is one half of the aggregate market analysis; the other half is aggregate supply. Aggregate demand, relates the economy's price level, measured by the GDP price deflator, and aggregate expenditures on domestic production, measured by real gross domestic product. The aggregate expenditures are consumption, investment, government purchases, and net exports made by the four macroeconomic sectors (household, business, government, and foreign).

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Lesson 17: Money | Unit 4: Money's History Page: 19 of 25

Topic: Metal Commodity Money <=PAGE BACK | PAGE NEXT=>

Metals are a natural for use as a commodity money.
  • The most important characteristic of metals is durability.
  • Some people erroneously think that metals and only metals are true money.

Metals:

  • They are extremely durable, quite divisible, relatively easy to transport and difficult to counterfeit.
  • They are not perfect.

Drawbacks:

  • Transportability: Metals are heavy.
  • Value in use affects value in exchange: A change in the market price brought by disruptions of the market, affect value in exchange and can play havoc with the economy.

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CREATIVE DESTRUCTION

A fundamental process of capitalism, popularized by Joseph Schumpeter, in which the benefits of growth and prosperity induced by innovations also result in the costs of disrupting existing means of production. The creation of new activity involves the destruction of existing activity. This notion attributes business-cycle instability to innovations, including both the expansionary rise of prosperity, as well as a contractionary decline. Creative destruction is based on the idea that rather than tending toward equilibrium, the economy is largely in flux. A key question is one of cause and effect. Does innovation cause destruction or does destruction induce innovation?

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GREEN LOGIGUIN
[What's This?]

Today, you are likely to spend a great deal of time watching infomercials hoping to buy either a coffee cup commemorating the moon landing or a how-to book on surfing the Internet. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?

A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"The more you praise and celebrate your life, the more there is in life to celebrate."

-- Oprah Winfrey

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