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GROWTH: The process of increasing the economy's ability to produce goods. Growth is also one of the three macroeconomic goals of an economy (full employment and stability are the other two). Growth is usually measured by increases in gross domestic product or per capita gross domestic product. The main sources of growth are increases in the quantity and quality of the resources. And the primary way of achieving these increases goes by the term investment.
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Lesson 17: Money | Unit 2: More About Money
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Page: 8 of 25
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Topic:
Standard of Deferred Payment
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Money is used as a standard of deferred payment, buying now and paying later.- A car loan: Borrow money to buy a car today, then pay off the loan with deferred payments into the future.
- Money as a standard of deferred payment is a direct consequence of the unit of account and store of value functions of money.
- Money is the standard for current prices and future payments based on those prices.
- For money to function as a deferred payment, it must retain value.
- The key to storing value in money is price inflation.
- Deferred payments need to anticipate future money values based on future inflation.
- The inflation adjustment is accomplished by through interest rates.
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SATISFACTION The process of successfully fulfilling wants and needs. This also goes by the technical economic term utility, and is essentially synonymous with more common words, such as fulfillment, well-being, and to some degree prosperity or happiness.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a coffee cup commemorating the moon landing or a how-to book on surfing the Internet. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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SPE
Subgame Perfect Equilibrium
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