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TOTAL PHYSICAL PRODUCT: The total quantity of output produced by a firm for a given quantity of inputs. Total physical product is actually nothing more than a fancy term for total product. The additional of the second term physical merely keeps the phrase consistent with average physical product and marginal physical product, two terms useful in marginal productivity theory and the analysis of factor demand. However, average physical product and marginal physical product are really just average product and marginal product.
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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, 2000-2025. [Accessed: July 14, 2025].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: money functions
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HORIZONTAL MERGER The consolidation of two or more separately-owned businesses, operating in the same industry and producing competing products, into a single firm. This is one of three types of mergers. The other two are vertical merger--two firms in different stages of the production of one good--and conglomerate merger--two firms in separate, unrelated industries.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for malfunctioning pocket calculators.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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IEBNR
Income Earned But Not Received
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