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January 18, 2018 

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INDUSTRY: A collection of firms that produce similar products sold in the same market. The concept of industry is most often used synonymously with market in most microeconomic analysis. That is, the study of perfect competition or oligopoly is not only the study of market structures, but also the study of industrial structure.

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Lesson 17: Money | Unit 2: More About Money Page: 7 of 25

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

Another function of money is store of value.
  • It means that we retain the value, the satisfaction of wants and needs, provided by a good over a period of time.

Ways to store of value:

  • Buy a product and store it for a week.
  • Buy a gift certificate and redeem it after a week.
  • Buy another good, keep it for a week, sell it and then use this money to buy a product.
  • Keep the money one week or then buy the good.

A potential problem:

  • If the price of the good rises money becomes a less effective means of storing value.
  • Price inflation is the nemesis for the store of value function of money.

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THEORY

An empirically verified, interrelated body of general principles, axioms, and assumptions that is used to explain and understand real world phenomena. Theories are the cornerstone of the scientific method. They generate the hypotheses that are verified against real world data. The construction and refinement of theories, accomplished through the hypothesis verification process, is the primary goal of doing science.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a Boston Red Sox baseball cap or a square lamp shade with frills along the bottom. Be on the lookout for deranged pelicans.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
"Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover."

-- Mark Twain

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National Economic Development Council
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