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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, abbreviated 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 identified as the difference between GDP and GDI.

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Lesson 17: Money | Unit 2: More About Money Page: 7 of 25

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

Another function of money is store of value.
  • It means that we retain the value, the satisfaction of wants and needs, provided by a good over a period of time.

Ways to store of value:

  • Buy a product and store it for a week.
  • Buy a gift certificate and redeem it after a week.
  • Buy another good, keep it for a week, sell it and then use this money to buy a product.
  • Keep the money one week or then buy the good.

A potential problem:

  • If the price of the good rises money becomes a less effective means of storing value.
  • Price inflation is the nemesis for the store of value function of money.

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MARGINAL UTILITY AND DEMAND

An explanation of the law of demand and the negatively-sloped demand curve based on utility analysis and the law of diminishing marginal utility. The law of diminishing marginal utility states that marginal utility declines as consumption increases. Because demand price depends on the marginal utility obtained from a good, price also declines as consumption increases, meaning price and quantity demanded are inversely related, which is the law of demand.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a rim for your spare tire or decorative celebrity figurines. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?

Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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