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RELATIVE POVERTY LEVEL: The amount of income a person or family needs to purchase a relative amount of basic necessities of life. These basic necessities are identified relative to the current structure of society and the economy. For example, while a refrigerator would be a basic necessity for someone living in the our modern U.S. economy, it probably would not be consider a necessity for nomads of sub-Saharan Africa or aborigines of Australia.
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Lesson 17: Money | Unit 3: Monetary Aggregates
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Page: 11 of 25
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The United States uses currency, coins, and checks as money, which is M1. We have several different 'definitions' of money called monetary aggregates. Monetary aggregate M1: - It is the sum of currency and coins held by the non-bank public, and checkable deposits.
- These are the items in our economy that are generally accepted in payment and regularly used for market transactions.
- We have over one trillion dollars of M1.
- Total M1 averaged over 270 million people in the U. S. is about $4,000 per person.
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INDETERMINANT The directional change in a variable, resulting from the disruption of an equilibrium that is identified using comparative statics, is not known. This term is commonly used to indicate that the change in either price or quantity is unknown when the market experiences simultaneous shifts in both the demand and supply curves. For example, an increase in both demand and supply definitely cause an increase in the quantity exchanged. But whether the market price increases or decreases is indeterminant.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"Man is born to live, not to prepare for life. " -- Boris Pasternak, writer
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COMECON
Council for Mutual Economic Assistance
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