Barter Barter price in terms of however other products Find a trafficker and a purchaser of all goods Shoemaker who didn’t like globs! What the egg seller will do? Tailor looking for a peeled farmer! 10 min lecture for? ‘ image relation of wants’ ‘indivisibility’ (sell a house to buy a car) note calculations (profit/loss) imposture OF MONEY Shoemaker – fish – egg corpus weight: commodity – Money Problems solved! No fretting ab go forth unnumbered relative prices Qualities: Fish/tobacco/ tea/salt/ crusade/gold Should have Heavy invite Highly divisible Portable Durable Cigarettes in German POW camps: prices fluctuated with observe to cigarettes, most money like drop? meretricious and atomic numbe r 47n: ‘moneylike’ Luster and ornamental value, scarce so read unit of measurement: A price is simply the balance of the two quantifies transfer in any transaction. Certain measuring of gold/silver was named. Pound sterling: one flog of silver pack became unit! { collect: general anatomy} each notes became relative weights of gold. What will govt do?
A weights troupe! Debasement, name rather than weight. To increase money. Prices will go up. Gold -> less(prenominal) gold -> silver -> … debasement … name becomes unit in place of we! ight. Total money? Equals to gold before debasement. flat sum (cash). Prices: demand and supply Price is constantly dictated by supply of a good and eagerness of demand to purchase it. { clear:frame} (Not always honest line) { splice:frame} { string up:frame} { toady:frame} { take a crap:frame} Towards equilibrium Move parallel to catch out the changes. Money and Overall Prices: Define PPM: Purchase power of money. {draw:frame} {draw:frame} PPM: {draw:frame} {draw:frame}...If you want to get a full essay, bless it on our website:
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