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ECONOMIC GROWTH, PRODUCTION POSSIBILITIES: Economic growth is the process of increasing the economy's ability to produce goods and services. It is achieved by increasing the quantity or quality of resources. This process can be illustrated as an outward shift of the production possibilities curve.

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Lesson 17: Money | Unit 2: More About Money Page: 4 of 25

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

Money has four important functions.

Four functions:

  1. Medium of exchange: Money makes it easier to buy, sell, produce, and consume goods and services.
  2. Measure of value: Prices are stated in terms of the monetary unit.
  3. Store of value: Value can be stored over time with money.
  4. Standard of deferred payment: Future payments are also in terms of the monetary unit.

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AGGREGATE DEMAND CURVE

A graphical representation of the relation between aggregate expenditures on real production and the price level, holding all ceteris paribus aggregate demand determinants constant. The aggregate demand (AD) curve is one side of the graphical presentation of the aggregate market. The other side is occupied by the long-run aggregate supply curve and/or the short-run aggregate supply curve. The negative slope of the aggregate demand curve captures the inverse relation between aggregate expenditures on real production and the price level. This negative slope is attributable to the interest-rate, real-balance, and net-export effects.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either one of those "hang in there" kitty cat posters or a velvet painting of Elvis Presley. Be on the lookout for fairy dust that tastes like salt.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. "

-- Muhammad Ali

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International Chamber of Commerce
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