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S CORPORATION: A legal firm type that is officially structure as a corporation, especially with limited liability of the owners, but is able to avoid the double taxation of profits through the use of a special section of the Internal Revenue Service tax code (Chapter S). The profit of an S corporation is considered the income of its owners and is thus taxable only as individual income. There are, however, limits on who can be an owner of an S corporation.

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Lesson 17: Money | Unit 2: More About Money Page: 6 of 25

Topic: Measure of Value <=PAGE BACK | PAGE NEXT=>

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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GROSS DOMESTIC INCOME

The total market value of all final goods and services produced within the political boundaries of an economy during a given period of time, usually a year, as calculated using the income approach to measuring gross domestic product. Gross domestic income (GDI) is virtually identical to gross domestic product (GDP), with one minor difference, the statistical discrepancy. As a matter of fact, the statistical discrepancy is calculated as the difference between GDP and GDI.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?

A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

APR
Annual Percentage Rate
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