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SCIENCE: A discipline, or topic of study, that uses the scientific method to investigate and explain the operation of the world by testing and verifying hypothesized relationships. While the term science is often used in reference to the physical sciences, including chemistry, physics, and biology, it's also relevant to social sciences, including economics, sociology, and political science. The reason is that science is not really a subject, but a method of investigation--the scientific method. The scientific method is uses theories to derived hypotheses which are verified against real world data.
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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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TOTAL UTILITY The total satisfaction of wants and needs obtained from the use or consumption of a good or service. This is the cumulative amount of utility generated from consuming a good over a given time period. Total utility is most often used in consumer demand theory to indicate how much overall satisfaction someone obtains from a given activity. The primary behavioral motivation used in consumer demand theory is the goal of maximizing total utility. Total utility is also used to derive marginal utility.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a decorative windchime with plastic or a flower arrangement for that special day for your mother. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"Divide each difficulty into as many parts as is feasible and necessary to resolve it." -- Rene Descartes
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SFE
Sydney Futures Exchange
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