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PRICE: An asset or item voluntarily exchanged in a market transaction for another asset or item. This item or asset is usually, but not necessarily, money. A barter transaction occurs if money is NOT one of the assets or items exchanged. In a standard market diagram, price is displayed on the vertical axis. Price takes on several specific roles in the functioning of a market. On the demand side, the price reflects the willingness and ability of the buyers to purchase a product which is based on the satisfaction received (the demand price). On the supply side, the price reflects the opportunity cost of production (the supply price). Also the variable in the marketing mix where the organization establishes product positioning objectives. These could be low end to capture more market share or high end to differentiate based on perceived product quality and scarcity. Pricing is based on market research to establish what customer wants and needs are in exchange for valued compensation, typically money or bartering.

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Lesson 19: Money Creation | Unit 1: A Little Magic Page: 1 of 23

Topic: Money <=PAGE BACK | PAGE NEXT=>

First:
  • Money is currency and checkable deposits.
  • Currency is issued by the federal government.
  • Checkable deposits are issued by commercial banks.

    Second:

  • Money is the medium of exchange.
  • Money makes production and exchange more efficient.
  • Too much money causes inflation and too little causes recession.

    Third:

  • Banks balance profit-seeking loans and deposit-protecting reserves.
  • Because a failed bank can trigger economic instability, banks are heavily regulated by the government.
Note:
  • Controlling checkable deposits is controlling a little magic.

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SIMPLE TAX MULTIPLIER

A measure of the change in aggregate production caused by changes in a government taxes that shocks the macroeconomy, when consumption is the ONLY induced expenditure. The simple tax multiplier is the negative marginal propensity to consume times the inverse of one minus the marginal propensity to consume. A related multiplier is the simple expenditures multiplier, which measures the change in aggregate production caused by changes in an autonomous expenditure.

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Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for broken fingernail clippers.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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