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January 24, 2018 

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FLEXIBLE PRICES: The proposition that prices adjust in the long run in response to market shortages or surpluses. This condition is most important for long-run macroeconomic activity and long-run aggregate market analysis. In particular, flexible prices are the key reason for the vertical slope of the long-run aggregate supply curve. This proposition is also central to original classical theory of macroeconomics and to modern variations, including rational expectations, new classical theory, and supply-side economics.

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Lesson 17: Money | Unit 4: Money's History Page: 22 of 25

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  • Barter lets resources specialize in production and that with barter trades, people can access a wider variety of goods than they could produce on their own.
  • That commodity money has value in use and value in trade and that the value in use dictates value in trade.
  • That metals are a natural for use as a commodity money and that their most important characteristic is durability.
  • That fiat money has little or no value in use compared to value in exchange.
  • That electronic money fits two of the four characteristics of money: it is easy to transport and completely divisible, but it raises questions about being counterfeitable and durable.

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SERVICES, CONSUMPTION

Personal consumption expenditures on activities that provide direct satisfaction of wants and needs without the production of tangible goods. Common examples are information, entertainment, and education. This is one of three categories of personal consumption expenditures in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are durable goods and nondurable goods. Services are about 60 percent of personal consumption expenditures and 40 percent of gross domestic product.

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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time wandering around the shopping mall hoping to buy either blue cotton balls or a genuine down-filled pillow. Be on the lookout for the last item on a shelf.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"Wherever you go, no matter what the weather, always bring your own sunshine."

-- Anthony J. D'Angelo

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