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DEPRESSION: An extended period--a decade or so--of restructuring and institutional change in an economy that's often marked by declining or stagnant growth. During this period, unemployment tends to be higher and inflation lower than a regular, run-of-the-mill recession. Moreover, a depression usually lasts in the range of ten years, often encompassing two or three separate shorter-run business cycles. The most noted depression in the U. S. economy was the Great Depression of the 1930s.
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MONEY FUNCTIONS: Any item used as money in an economy performs automatically takes on four basic functions: (1) medium of exchange, (2) measure of value, (3) store of value, and (4) standard of deferred payment. While "buying and selling" means that money is THE medium of exchange, by far THE most important function of money, money also performs measure of value, store of value, and standard of deferred payment functions. Measure of value, also termed unit of account, means that prices are stated in terms of money. Store of value means that value, the satisfaction of wants and needs, can be stored over time using money. Standard of deferred payment means that future payments, such as paying off a car loan, are also in terms of the monetary unit. See also | money | medium of exchange | measure of value | unit of account | store of value | standard of deferred payment | money characteristics | barter |
Recommended Citation:MONEY FUNCTIONS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: October 4, 2023].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: money functions
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MARGINAL UTILITY OF INCOME The change in utility resulting from a given change in income. This is a specialized case of the general notion of marginal utility, which is simply the change in utility resulting from a given change in the consumption of a good. Marginal utility of income is key to identifying alternative risk preferences, including risk aversion, risk neutrality, and risk loving. These three risk preferences are indicated by three marginal utility of income possibilities, decreasing (risk aversion), increasing (risk loving), and constant (risk neutrality).
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a printer that works with your stockpile of ink cartridges or income tax software. Be on the lookout for broken fingernail clippers.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"Those who are blessed with the most talent don't necessarily outperform everyone else. It's the people with follow-through who excel. " -- Mary Kay Ash, May Kay Cosmetics founder
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