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EQUATION OF EXCHANGE: An equation that specifies the relation between the money supply, the velocity of money, the price level, and real production. The equation is stated as M*V = P*Q, where M is the money supply, V is the velocity, P is the price level, and Q is real production. This equation is a key component of the quantity theory of money, which offers an explanation between the money supply and inflation.
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COST OF LIVING The amount of income or money needed to acquire a given quantity of goods and services or to achieve a given living standard. This cost of living notion is closely intertwined with inflation, the economy's price level, and the concept of purchasing power.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a how-to book on building remote controlled airplanes or an extra large beach blanket. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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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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IQ
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