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NON-COUNTERFEITABILITY: One of four characteristics that enables an asset to better function as money. The other three are durability, divisibility, and transportablity. This characteristic means that the item used as money can not be easily counterfeited, that is, duplicated by entities not authorized to do so. Money that can be easily duplicated ceases to function effectively as a medium of exchange.

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Lesson 9: Macro Basics | Unit 1: The Macroeconomy Page: 2 of 16

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

Macroeconomics is the study of the entire economy, the aggregate economy. Microeconomics is the study of parts of the economy.
  • Economists first studied parts of the economy (markets, demand, supply, and prices), what we now call microeconomics.
  • The Great Depression of 1930's, motivated economists led by John Maynard Keynes, to study macroeconomics.
Microeconomics and macroeconomics have their own principles, theories, and phenomena. Both are part of economics and each is intertwined with the other.
  • The macroeconomy affects microeconomic decisions.
  • Microeconomic decisions affect the macroeconomy.

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PRODUCT DIFFERENTIATION

Slight differences that exist between two or more goods that are essentially the same and which satisfy the same basic want or need. This is generally pursued in monopolistic competition and oligopoly by firms seeking to increase sales and profit. Many of the best known businesses in the economy practice product differentiation to gain an advantage on the competition and to acquire a bit of market control. For example, Coca-Cola and Pepsi-Cola are very similar, but each has a few differences in terms of taste, packaging, and esteem.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for broken fingernail clippers.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
"Now is the only time there is. Make your now wow, your minutes miracles, and your days pay. Your life will have been magnificently lived and invested, and when you die you will have made a difference."

-- Mark Victor Hansen

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