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ACCUMULATION: The process of acquiring an item and adding that item to others previously acquired. In an economic context this most often refers to the accumulation of capital, as in the phrase "capital accumulation." However, it is also used in the context of consumer durable goods, financial assets, money, wealth, and a host of other "stock" variables. When applied to capital, the process of accumulation occurs through investment.
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UNIT OF ACCOUNT The money function in which money is used as the common benchmark to designate the prices of goods exchanged throughout the economy. Unit of account, or measure of value, means money is functioning as the measuring unit for prices. In other words, prices of goods are stated in terms of the monetary unit. This is one of four basic functions of money. The other three are medium of exchange, store of value, and standard of deferred payment.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for celebrities who speak directly to you through your television.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Follow effective action with quiet reflection. From the quiet reflection will come even more effective action. " -- Peter F. Drucker, author
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IV
Instrumental Variables
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