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June 18, 2025 

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ZERO GROWTH: A growth rate (usually in terms of population) that is equal to zero. In other words, this is no change from one year to the next. This goal has been proposed by those who content that population growth is placing excessive pressure on the planet's availability of limited resources and its ability to assimilate pollution. In general terms, zero growth can apply to any measurement, including production, prices, etc.

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MARKET DEMAND: The total demand of every individual willing and able to buy a good. Market demand is found by combining the individual demands of everyone willing and able to buy a particular good. The market demand curve is found by horizontally adding all individual demand curves, that is, sum up the quantities demanded by all buyers at each and every price. Market demand operates according to the law of demand, as illustrated by a downward-sloping market demand curve. For higher prices the quantity demanded by all buyers in the market combined is less than the quantity demanded for lower prices.

     See also | demand | market | demand curve | quantity demanded | law of demand |


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UNIT OF ACCOUNT

The money function in which money is used as the common benchmark to designate the prices of goods exchanged throughout the economy. Unit of account, or measure of value, means money is functioning as the measuring unit for prices. In other words, prices of goods are stated in terms of the monetary unit. This is one of four basic functions of money. The other three are medium of exchange, store of value, and standard of deferred payment.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for slow moving vehicles with darkened windows.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"We must be willing to let go of the life we have planned, so as to have the life that is waiting for us. "

-- E. M. Forster, writer

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