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QUANTITY THEORY OF MONEY: A theory that states a given percentage change in the money supply leads to an equal percentage change in nominal gross domestic product. This theory is derived from the equation of exchange and is a cornerstone of the monetarists view of macroeconomics. A key assumption in translating the equation of exchange to the quantity theory of money is that the velocity of money is constant (or unaffected by the other key variables--output, price level, and money supply).

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Lesson 7: Market | Unit 4: Adjustment Page: 15 of 22

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

A surplus exists if the quantity demanded is less than the quantity supplied at the current market price.
  • A surplus exists if the market price is 70 cents.
  • The quantity demanded is 200 tapes and the quantity supplied is 600 tapes, giving a surplus of 400 tapes.
  • This surplus induces the price to decline down to the equilibrium level of 50 cents

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PEAK

The transition of a business-cycle expansion to a business-cycle contraction. The end of an expansion carries this descriptive term of peak, or the highest level of economic reached in recent times. A peak is one of two turning points. The other, the transition from contraction to expansion, is a trough. Turning points are important because they represent the transition from bad to good or good to bad.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store trying to buy either a genuine down-filled snow parka or throw pillows for your living room sofa. Be on the lookout for infected paper cuts.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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