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December 1, 2023 

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IMPLICIT PRICE DEFLATOR: A price index calculated as the ratio nominal gross domestic product to real gross domestic product. Also commonly referred to as the GDP price deflator, the implicit price deflator is used as an indicator of the economy's average price level. This price index is tabulated and reported every three months along with the gross domestic product, national income, and related measures that make up the National Income and Product Accounts maintained by the Bureau of Economic Analysis (BEA).

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MEDIUM OF EXCHANGE: The money function in which money is widely accepted in exchange for goods and services. For an asset to function as a medium of exchange it need to have value in use, but only value in exchange. This is one of four basic functions of money. The other three are measure of value, store of value, and standard of deferred payment. THE primary function of money is to act as THE medium of exchange. People use money to buy and sell goods. Buyers give up money and receive goods and sellers give up goods and receive money. Money makes transactions easier because everyone is willing to trade money for goods and goods for money.

     See also | money | money functions | unit of account | price | unit of account | store of value | standard of deferred payment |


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MEDIUM OF EXCHANGE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: December 1, 2023].


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CONSUMER SOVEREIGNTY

The notion that consumers ultimately determine what goods and services are produced and how the economy's limited resources are used based on the purchases they make. Consumers thus reign over the economy as sovereign rulers.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time at an auction trying to buy either a solid oak entertainment center or a remote controlled ceiling fan. Be on the lookout for letters from the Internal Revenue Service.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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