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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Term
| 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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Term
| 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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Definition
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Term
| 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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Term
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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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Term
| Decrease in wealth= ________ in consumption |
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Definition
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Term
| Increase in price level= _______ in consumption |
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Definition
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Term
| Decrease in price level = ________ in consumption |
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Definition
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Term
| Increase in price expectation= ________ in consumption |
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Definition
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Term
| Decrease in price expectation= ________ in consumption |
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Definition
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Term
| Interest rates go up = consumption ... |
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Definition
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Term
| Interest rates go down = consumption ... |
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Definition
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