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The alternative to a commodity money system is fiat money which is defined by a central bank and government law as legal tender even if it has no intrinsic value. Originally fiat money was paper currency or base metal coinage, but in modern economies it mainly exists as data such as bank balances and records of credit or debit card purchases, [3] and the fraction that exists as notes and coins ...
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where is a row vector of relative prices; and likewise for M ⋅ V = P ⋅ Q . {\displaystyle M\cdot V=P\cdot Q.} In 2008 economist Andrew Naganoff ( Russian : Эндрю Наганов ) proposed an integral form of the equation of exchange, where on the left side of the equation is M ( V ) d V {\displaystyle M(V)dV} under the integral sign ...
In economics, a price mechanism refers to the way in which price determines the allocation of resources and influences the quantity supplied and the quantity demanded of goods and services. The price mechanism, part of a market system , functions in various ways to match up buyers and sellers: as an incentive, a signal, and a rationing system ...
In monetary economics, the currency in circulation in a country is the value of currency or cash (banknotes and coins) that has ever been issued by the country’s monetary authority less the amount that has been removed.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...