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WHEALER-LEA ACT: This was a major amendment to the Federal Trade Commission Act, passed in 1938, that gave powers to the Federal Trade Commission to investigate unfair and deceptive business practices and to prevent false advertising. The Whealer-Lea Act was a major step in moving the Federal Trade Commission into its current role as more of a consumer protection agency than a monopoly buster.
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Lesson 17: Money | Unit 2: More About Money
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Page: 6 of 25
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Topic:
Measure of Value
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Money functions as the measuring unit for prices, it is the unit of account or measure of value.- Markets prices are expressed in terms of the medium of exchange.
Reason: - Sellers are willing to trade for, and buyers are willing to give up, THE medium of exchange: Money.
Therefore: - Money is used for exchanges.
- Using money as the unit for prices gives a measure for value, that is, how much value we place on a good.
- The measure of value helps macroeconomist calculate gross domestic product.
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AGGREGATE SUPPLY INCREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the short-run aggregate supply curve. An increase in aggregate supply in the short-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for small children selling products door-to-door.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"The more you praise and celebrate your life, the more there is in life to celebrate." -- Oprah Winfrey
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FIPS
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