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HORIZONTAL AXIS: In a graph, this is one of two lines that intersect at a right angle at their origins. This is the "X-axis" that runs from right and left. In most analyses, the variable measured on the X-axis is consider to be the independent variable.

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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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PERFECT COMPETITION, SHORT-RUN PRODUCTION ANALYSIS

A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This production level can be identified using total revenue and cost, marginal revenue and cost, or profit. Because a perfectly competitive firm faces a perfectly elastic demand curve, it efficiently allocates resources by equating price and marginal cost. In addition, the marginal cost curve above the average variable cost curve is the perfectly competitive firm's short-run supply curve.

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APLS

PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?

Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"The roots of education are bitter, but the fruit is sweet."

-- Aristotle, philosopher

JEP
Journal of Economic Perspectives
A PEDestrian's Guide
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