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FEDERAL RESERVE DISTRICT BANK: One of 12 Federal Reserve Banks, each in charge of banking activity within its Federal Reserve District. The 12 Districts are centered in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Mineapolis, Kansas City, Dallas, and San Francisco. Presidents from 5 of these 12 Banks serve on the powerful Federal Open Market Committee that conducts monetary policy.
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Lesson 17: Money | Unit 2: More About Money
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Page: 8 of 25
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Topic:
Standard of Deferred Payment
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Money is used as a standard of deferred payment, buying now and paying later.- A car loan: Borrow money to buy a car today, then pay off the loan with deferred payments into the future.
- Money as a standard of deferred payment is a direct consequence of the unit of account and store of value functions of money.
- Money is the standard for current prices and future payments based on those prices.
- For money to function as a deferred payment, it must retain value.
- The key to storing value in money is price inflation.
- Deferred payments need to anticipate future money values based on future inflation.
- The inflation adjustment is accomplished by through interest rates.
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LONG RUN, MICROECONOMICS In terms of the microeconomic analysis of production and supply, a period of time in which all inputs under the control of a firm used in the production process are variable. In the long run, labor and capital are variable inputs. The long-run analysis of production reveals the key role played by returns to scale. This is one of four production time periods used in the study of microeconomics. The other three are short run, very long run, and very short run (or market period). The long run is also a time period designation used in the macroeconomic analysis of economic growth and full employment.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at a flea market trying to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for attractive cable television service repair people.
Your Complete Scope
This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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NAFTA
North America Free Trade Agreement
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