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October 18, 2018 

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LONG-RUN AGGREGATE SUPPLY: The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. Long-run aggregate supply (LRAS) is one of two aggregate supply alternatives, distinguished by the degree of price flexibility; the other is short-run aggregate supply (SRAS).

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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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FIFTH RULE OF IMPERFECTION

The fifth of seven basic rules of the economy, stating that the real world is not perfect, especially in terms of achieving an efficient allocation of resources. This rule means that markets often fail to achieve due to market failures, and that governments seldom satisfactorily enact the policies needed to correct market failings. As such, the real world is often faced with the lesser of two evils--imperfect markets or imperfect government.

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APLS

BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either a birthday greeting card for your uncle or a T-shirt commemorating the 2000 Presidential election. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?

Lombard Street is London's equivalent of New York's Wall Street.
"Executives who get there and stay suggest solutions when they present the problems. "

-- Malcolm Forbes, business executive

IIPF
International Institute of Public Finance
A PEDestrian's Guide
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