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MACROECONOMY: The aggregate, or national economy that is the prime focus of the study of macroeconomics.
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VALUE IN EXCHANGE The ability to trade an item or asset, especially money, for other goods and services that can then be used to satisfy wants and needs. Value in exchange means that value (that is, satisfaction) is obtained indirectly through the acquisition of something else. For an item to have value in exchange it need NOT have value in use, value obtained directly from the consumption of a good or service.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"If you don't have time to do it right, when will you have time to do it over?" -- John Wooden, Basketball coach
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SNP
Seminonparametric
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