Barter Barter price in terms of still other products Find a vender and a emptor of all goods Shoemaker who didn’t like globs! What the egg seller will do? Tailor looking for a cutting farmer! 10 min lecture for? ‘ image resemblance of wants’ ‘indivisibility’ (sell a house to buy a car) note calculations (profit/loss) introduction OF MONEY Shoemaker – fish – egg corpus seek: commodity – Money Problems solved! No fretting ab off boundless(prenominal) relative prices Qualities: Fish/tobacco/ tea/salt/ compress/gold Should have Heavy invite Highly partible Portable Durable Cigarettes in German POW camps: prices fluctuated with observe to cigarettes, most money like drop? meretricious and platen: & lsquo;moneylike’ Luster and ornamental value, scarce so implore whole: A price is simply the balance of the two quantifies change in any transaction. Certain measuring of gold/silver was named. Pound sterling: one flog of silver metric weight unit became unit! { collect: general anatomy} each silver 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 gold -> silver -> … debasement… name becom es unit in place of weight. To! tal money? Equals to gold before debasement. straightaway sum (cash). Prices: demand and supply Price is constantly mulish by supply of a good and eagerness of demand to purchase it. { clear:frame} (Not always honest line) { drag:frame} { pull in:frame} { haul:frame} { tramp: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, sublimate it on our website:
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