Ebook Principles of macroeconomics (20/E): Part 2
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Ebook Principles of macroeconomics (20/E): Part 2
www.downloadslide.netMoney, the Federal Reserve, and the Interest Rate10In the last two chapters, we explored how consumers, firms, and the government Ebook Principles of macroeconomics (20/E): Part 2t interact in the goods market. In this chapter, we show how the money market works in the macroeconomy. We begin by defining money and describing its role in the U.S. economy. Microeconomics has little to say about money. Microeconomic theories and models arc concerned primarily with real quantitie Ebook Principles of macroeconomics (20/E): Part 2s (apples, oranges, hours of labor) and n'ldtrvc prices (the price of apples relative to the price of oranges or the price of labor relative to the prEbook Principles of macroeconomics (20/E): Part 2
ices of other goods). By contrast, as we will now see, money is an important part of the macroeconomy.CHAPTER OUTLINE AND LEARNING OBJECTIVES10.1An Ovwww.downloadslide.netMoney, the Federal Reserve, and the Interest Rate10In the last two chapters, we explored how consumers, firms, and the government Ebook Principles of macroeconomics (20/E): Part 2ystem p. 198 Describe the funcuons and structure of the Federal Reserve System.10.4The Demand for Money p 200 Describe the determinants of money demand10.5Interest Rates and Security Prices p.201Define interest and discuss the relationship between interest rates and security prices.10.6How the Feder Ebook Principles of macroeconomics (20/E): Part 2al Reserve Controls the Interest Rate p. 20) Understand how the Fed can change the interest rate.Looking Ahead p 207Appendix: The Various Interest RatEbook Principles of macroeconomics (20/E): Part 2
es in the U.S. Economy p. 211 Explain the relationship between a 2-year interest rate and a 1 -year interest rate187www.downloadslide.net188 PART III www.downloadslide.netMoney, the Federal Reserve, and the Interest Rate10In the last two chapters, we explored how consumers, firms, and the government Ebook Principles of macroeconomics (20/E): Part 2er goods and services.medium of exchange, or means of payment What sellers generally accept and buyers generally use to pay for goods and services.store of value An asset that can be used to transport purchasing power from one time period to another.All Overview of MoneyYou often hear people say thi Ebook Principles of macroeconomics (20/E): Part 2ngs like. “He makes a lot of money” (in other words. “He has a high income") or "She's worth a lot of money” (meaning “She is very wealthy”). It is trEbook Principles of macroeconomics (20/E): Part 2
ue that your employer uses money to pay you your income, and your wealth may be accumulated in the form of money. However, “money* is defined differenwww.downloadslide.netMoney, the Federal Reserve, and the Interest Rate10In the last two chapters, we explored how consumers, firms, and the government Ebook Principles of macroeconomics (20/E): Part 2generally docs in the United States, the basic mechanics of the system arc virtually invisible. People take for granted that they can walk into any store, restaurant, boutique, or gas station and buy whatever they want as long as they have enough green pieces of paper or a debit card with a large en Ebook Principles of macroeconomics (20/E): Part 2ough balance in their checking account.The idea that you can buy things with money is so natural and obvious that it seems absurd to mention it. but sEbook Principles of macroeconomics (20/E): Part 2
top and ask yourself: "How is it that a store owner is willing to part with a steak and a loaf of bread that I can eat in exchange for access to some www.downloadslide.netMoney, the Federal Reserve, and the Interest Rate10In the last two chapters, we explored how consumers, firms, and the government Ebook Principles of macroeconomics (20/E): Part 2purchase a dozen eggs? The answers to these questions lie in what money is—a means of payment, a store of value, and a unit of account.A Means of Payment, or Medium of Exchange Money is vital to the working of a market economy. Imagine what life would be like without it. The alternative to a monetar Ebook Principles of macroeconomics (20/E): Part 2y economy is barter, people exchanging goods and services for other goods and services directly instead of exchanging via the medium of money.How docsEbook Principles of macroeconomics (20/E): Part 2
a barter system work? Suppose you want bacon, eggs, and orange juice for breakfast. Instead of going to the store and buying these things with money,www.downloadslide.netMoney, the Federal Reserve, and the Interest Rate10In the last two chapters, we explored how consumers, firms, and the government Ebook Principles of macroeconomics (20/E): Part 2ce purveyor, and the egg vendor want. Having pencils to trade will do you no good if the bacon, orange juice, and egg sellers do not want pencils.A barter system requires a double coincidence of wants for trade to take place. That is, to effect a trade, you have to find someone who has what you want Ebook Principles of macroeconomics (20/E): Part 2 and that person must also want what you have. Where the range of goods traded is small, as it is in relatively unsophisticated economics, it is not dEbook Principles of macroeconomics (20/E): Part 2
ifficult to find someone to trade with and barter is often used. In a complex society with many goods, barter exchanges involve an intolerable amount www.downloadslide.netMoney, the Federal Reserve, and the Interest Rate10In the last two chapters, we explored how consumers, firms, and the government Ebook Principles of macroeconomics (20/E): Part 2goods that you have to offer in exchange for their goods.Some agreed-t< 1 medium of exchange (or means of payment) neatly eliminates the double-coincidence-of-wants problem. Under a monetary system, money is exchanged for goods or services when people buy things: goods or services arc exchanged for Ebook Principles of macroeconomics (20/E): Part 2money when people sell things. No one ever has to trade goods for other goods directly. Money is a lubricant in the functioning of a market economy.AEbook Principles of macroeconomics (20/E): Part 2
Store of Value Economists have identified other roles for money aside from its primary function as a medium of exchange. Money also serves as a store www.downloadslide.netMoney, the Federal Reserve, and the Interest Rate10In the last two chapters, we explored how consumers, firms, and the government Ebook Principles of macroeconomics (20/E): Part 2ll them for more than you want to spend and consume immediately. you may keep some of your earnings in the form of money until the time you want to spend it.There are many other stores of value besides money. You could have decided to hold your "surplus* earnings by buying such things as antique pai Ebook Principles of macroeconomics (20/E): Part 2ntings, or diamonds, which you could sell later when you want to spend your earnings. Money has several advantages over these other stores of value. FEbook Principles of macroeconomics (20/E): Part 2
irst, it comes in convenient denominations and is easily portable. Debit cards and phones that provide access to the money in your checking account mawww.downloadslide.netMoney, the Federal Reserve, and the Interest Rate10In the last two chapters, we explored how consumers, firms, and the government Ebook Principles of macroeconomics (20/E): Part 2, the FederaECONOMICS IN PRACTICEDon’t Kill the Birds!www.downloadslide.netMoney, the Federal Reserve, and the Interest Rate10In the last two chapters, we explored how consumers, firms, and the governmentGọi ngay
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