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REAL: The value after adjusting for inflation. Pointy-headed economist are frequently interested in comparing stuff (production, income, or whatever) in one year with similar stuff in another year. However, in that inflation can distort such a comparison, it's best made using a fixed set of prices that eliminate inflationary changes. In practice, this is accomplished by using the prices in an arbitrary "base year." Once the price differences have been eliminated, the numbers are said to be measured in real dollars.

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Lesson 6: Supply | Unit 1: Selling Basics Page: 1 of 19

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The concept of supply parallels the concept of demand. It too is fundamental to the study of the market and economics. It is the second of the two sides of the market that we'll study.

A definition:

Supply is the willingness and ability to sell a range of quantities of a good at a range of prices, during a given time.

Like demand we have three points:

  • Willingness and ability.
  • Range of quantities and prices.
  • A given time period.

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M2

The medium-range monetary aggregate for the U.S. economy containing the combination of M1 (currency and checkable deposits) and short-term, small denomination near monies. M2 contains financial assets that either function directly as money for the U.S. economy or can be easily and quickly converted into money. The near monies added to M1 to derive M2 include savings deposits, certificates of deposit, money market deposits, and money market mutual funds. M2 is one of three monetary aggregates tracked and reported by the Federal Reserve System. The other two are designated M1 and M3.

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Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a rechargeable battery for your cell phone. Be on the lookout for door-to-door salesmen.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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