MONEY: Anything that is generally accepted in exchange as payment for goods and services. The emphasis is on "any," because any item or asset can serve as money so long as it is generally accepted in payment throughout an economy. While the key function of money is acting as a medium of exchange, money also functions as a store of value, standard unit of account, and standard of deferred payment

     See also | currency | checkable deposits | money characteristics | money functions | barter | M1 | money supply | Federal Reserve System | money creation | bank | fractional-reserve banking | government functions | Federal Reserve note |

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The recurring, but irregular, expansions and contractions of economic activity in the macroeconomy. While business cycles are frequently measured by real gross domestic product, they show up in many aggregate measures of economic activity, including the unemployment rate, the inflation rate, consumption expenditures, and tax collections, to name just a few. The study of macroeconomics is largely the study of business cycles. Macroeconomic theories seek to understand business cycles and macroeconomic policies seek to correct the problems of business cycles.

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Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either a pair of red and purple designer socks or a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for poorly written technical manuals.
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