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AGGREGATE OUTPUT: The macroeconomy's total production of final goods and services. You might recognized it by it's official term gross domestic product. Another related term is aggregate supply. This is the total production in the economy that is purchased by the four basic economic sectors -- household, business, government, and foreign. See also aggregate market, aggregate demand, aggregate expenditures.
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Lesson 17: Money | Unit 2: More About Money
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Page: 7 of 25
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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 REVENUE PRODUCT The change in total revenue resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal revenue product, usually abbreviated MRP, is found by dividing the change in total revenue by the change in the variable input or by multiplying marginal physical product by marginal revenue. This is also termed value of the marginal product. Marginal revenue product is a key concept for understanding the demand for productive inputs.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a country wreathe or galvanized steel storage shelves. Be on the lookout for slightly overweight pizza delivery guys.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. " -- Seneca, statesman, dramatist, philosopher
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FHLBB
Federal Home Loan Bank Board
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