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UNIT OF ACCOUNT: The money function in which money is used as the common benchmark to designate the prices of goods throughout the economy. Unit of account, or measure of value, means money is functioning as the measuring unit for prices. In other words, prices of goods are stated in terms of the monetary unit. This is one of four basic functions of money. The other three are medium of exchange, store of value, and standard of deferred payment.
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MARGINAL UTILITY-PRICE RATIO The ratio of the marginal utility obtained from consuming a good to the price of the good. This ratio is particularly important in determining consumer equilibrium, which is reached when the marginal utility-price ratios are the same for all goods. Equality between all marginal utility-price ratios is the rule of consumer equilibrium which is satisfied with utility maximization.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"In a time of drastic change, it is the learners who inherit the future. " -- Eric Hoffer, philosopher
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Aggregate Supply-Aggregate Demand Model
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