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Term
| Money Serves as a medium of exchange |
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Definition
Money is useable in buying and selling goods and services
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| Money is standard in measure of value |
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Definition
| Money is the unit in which the prices of goods and services are measured |
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| Money Serves as a measure of wealth or value |
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Definition
| the more a person has the more they are worth |
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Term
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Definition
1) Borrow against past income
2) Save and use past credit
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Term
when consumption function is greater than guideline,
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| when consumption function is less than the guideline, |
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Definition
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Term
| Changes along the amount consumed |
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Definition
| Movement along the consumption function due to a change in income |
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Definition
The net value of assets held (what you own minus the value of what you owe)
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Term
| Increase in wealth= ________ in consumption |
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Definition
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| Decrease in wealth= ________ in consumption |
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| Increase in price level= _______ in consumption |
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Definition
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| Decrease in price level = ________ in consumption |
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| Increase in price expectation= ________ in consumption |
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| Decrease in price expectation= ________ in consumption |
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Definition
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| Interest rates go up = consumption ... |
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| Interest rates go down = consumption ... |
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