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PERFECT COMPETITION, MARGINAL ANALYSIS: A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This marginal approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve the direct analysis of economic profit or a comparison of total revenue and total cost.

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Lesson 17: Money | Unit 2: More About Money Page: 6 of 25

Topic: Measure of Value <=PAGE BACK | PAGE NEXT=>

Money functions as the measuring unit for prices, it is the unit of account or measure of value.
  • Markets prices are expressed in terms of the medium of exchange.

Reason:

  • Sellers are willing to trade for, and buyers are willing to give up, THE medium of exchange: Money.

Therefore:

  • Money is used for exchanges.
  • Using money as the unit for prices gives a measure for value, that is, how much value we place on a good.
  • The measure of value helps macroeconomist calculate gross domestic product.

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COMMAND ECONOMY

An economy in which the government uses its coercive powers to answer the three questions of allocation. This is the real world version of the idealized theoretical pure command economy. While in this real world version some allocation decisions are undertaken by markets, the vast majority are made through central planning.

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Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a flower arrangement with a lot of roses for your grandmother or a wall poster commemorating the first day of winter. Be on the lookout for poorly written technical manuals.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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