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MARGINAL UTILITY-PRICE RATIO: The ratio of the marginal utility obtained from consuming a good to the price of the good. This ratio is particular important in determining consumer equilibrium, which is reached when the marginal utility-price ratios are the same for all goods.

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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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CHANGE IN QUANTITY DEMANDED

A movement along a given demand curve caused by a change in demand price. The only factor that can cause a change in quantity demanded is price. A related, but distinct, concept is a change in demand.

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BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for broken fingernail clippers.
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This isn't me! What am I?

Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"Now is the only time there is. Make your now wow, your minutes miracles, and your days pay. Your life will have been magnificently lived and invested, and when you die you will have made a difference."

-- Mark Victor Hansen

CPI-U
Consumer Price Index-All Urban Consumers
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