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February 17, 2019 

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LAW OF DIMINISHING MARGINAL UTILITY: The principle stating that as more of a good is consumed, eventually each additional unit of the good provides less additional utility--that is, marginal utility decreases. Each subsequent unit of a good is valued less than the previous one. The law of diminishing marginal utility helps explain the negative slope of the demand curve and the law of demand.

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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 |


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MONEY FUNCTIONS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: February 17, 2019].


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FOREIGN EXCHANGE MARKET

A market that trades the currencies of different countries. The foreign exchange market is actually a series of different markets, each exchanging the currency of one nation for that of another nation. A foreign exchange market sets the price of one currency in terms of the other; a price termed the foreign exchange rate, or simply exchange rate. The impact of government exchange rate policies, including fixed exchange rates, flexible exchange rates, and managed flexible exchange rates, can be illustrated using the foreign exchange market.

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