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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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SPECIALIZATION The condition in which resources are primarily devoted to specific production tasks. This is one of THE most important and most fundamental notions in the study of economics. Civilized human beings have long recognized that limited resources can be more effectively used in the production of the goods and services that satisfy unlimited wants and needs if those resources specialize.
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time wandering around the downtown area trying to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for deranged pelicans.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"Follow effective action with quiet reflection. From the quiet reflection will come even more effective action. " -- Peter F. Drucker, author
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M1
currency and coins held by the nonbank public plus checkable deposits issued by traditional banks, savings and loan associations, credit unions, and mutual savings banks
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