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MARKET ADJUSTMENT: The economic analysis of the changes in market equilibrium caused by changes in the demand determinants and supply determinants. Given the two curves that comprise the market--the demand curve and the supply curve; each of which can increase or decrease; market adjustment comes in eight varieties. Four involve a shift of EITHER the demand curve OR the supply curve. The other four involve a shift of BOTH the demand curve AND the supply curve.
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MEDIUM OF EXCHANGE The money function in which money is widely accept in exchange for goods and services. For an asset to function as a medium of exchange it needs value in exchange, but not necessarily value in use. This is one of four basic functions of money. The other three are unit of account, store of value, and standard of deferred payment.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"Be kind and merciful. Let no one ever come to you without coming away better and happier." -- Mother Teresa of Calcutta, humanitarian
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AOQ
Average Outgoing Quality
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