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EQUATION OF EXCHANGE: An equation that specifies the relation between the money supply, the velocity of money, the price level, and real production. The equation is stated as M*V = P*Q, where M is the money supply, V is the velocity, P is the price level, and Q is real production. This equation is a key component of the quantity theory of money, which offers an explanation between the money supply and inflation.
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WANTS The psychological desires which make life just a little more enjoyable, but which are not biological necessities for life. Psychological wants are often contrasted with physiological needs that make life more enjoyable, but are not essential for existence.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time at a crowded estate auction looking to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for broken fingernail clippers.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"You just don't luck into things as much as you'd like to think you do. You build step by step, whether it's friendships or opportunities. " -- Barbara Bush, first lady
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CES
Constant Elasticity of Substitution
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