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April 25, 2018 

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SEIGNIORAGE: The difference between the face value, or value in exchange, of money and the cost of producing the money. This seigniorage is effectively the profit government generates from producing currency--printing paper bills or minting metal coins. That is, government effectively "makes money" by making money.

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Lesson 17: Money | Unit 2: More About Money Page: 8 of 25

Topic: Standard of Deferred Payment <=PAGE BACK | PAGE NEXT=>

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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PREFERENCES CHANGE, UTILITY ANALYSIS

A disruption of consumer equilibrium identified with utility analysis caused by changes in the preferences for a good, which likely results in a change in the quantities of the goods consumed. The change in preferences alters the marginal utility-price ratio and forces a reevaluation of the rule of consumer equilibrium.

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[What's This?]

Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either a 50 foot extension cord or a combination CD player, clock radio, and telephone (with answering machine). Be on the lookout for cardboard boxes.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

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Production Possibilities Curve
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