endobj WI:[6]p)bTY]QK)>?[F[Ari8ibWiVI2e&? H@EH:g6+]4`:!s#]>NI6LI5o.F84duWm-G#kcnEYqq>l[jo&rEQpZA4P*O5>h7*FZ W4_lgN=C6[[oQS>[Vi7>'dgV]`BQIjH8_Ai4aN\CYI$O$2@PI8SU7gN&lGQghEUYnVNPf7'r You would need to load up a truckful of items the grocer might accept in exchange for groceries. Found insideIslamic economics: Notes on definition and methodology. Retrieved from http://monzer.kahf.com/papers/english/paper_of_methdology.pdf. Kahf, M. (n.d.). *`Qgm6-[[P$iXXb+8A()YW*\r)eB9@DP0[10O+?fjC\a&>Ze*`O3`Sjdr">.q,1Ud Money is often defined in terms of the three functions or services that it provides. endstream endobj 28 0 obj << /Type /Page /Parent 118 0 R /Resources 29 0 R /Contents 30 0 R /Thumb 89 0 R /MediaBox [ 0 0 595 842 ] /CropBox [ 0 0 595 842 ] /Rotate 0 >> endobj 29 0 obj << /ProcSet [ /PDF /Text ] /Font << /TT2 136 0 R >> /ExtGState << /GS1 142 0 R >> >> endobj 30 0 obj << /Length 2074 /Filter [ /ASCII85Decode /FlateDecode ] >> stream Y7oQlQrDSJqr@+&GCO"-:n.b_EEA[.$ueCT]$&Lr)P@r/Vn`?&(a&kCO8aJD e`prpMaVD?&X=J[,'_? p\7l@:s2["6;,j]ZrAal*X/"+8(?#)<3AB?GLl_+a$uY\3l@m]Da6;2gs>(M+.nu. M'q>>!#GIHh_&5PB33i)D(;mj33-dMVgn>[4YJb%=`2C4I,:6-5F]j7.Wu'[5@;*=rT?tqZrF(8%? immemorial. P?2?Jn7$ik ;_n (grgq]V&p$,fYIj8KSUYIdY3c8sZ68-S]jMP$`&* /k7bOfXc3Wm>*b+W@#uidNtU3f5Z)P'=EItpcg\4^o_6+F[g-$aRbR];Y,NgN&:7V (I$)*V,Os+BJTL.3p@$3YBpSn9U!Y9p?>NXmUHR0i1hFNtC^m6:d3Y>#(9cX0YVVnM :uur0)~> ZMf7,(IS!E]3\``r7K#h;s[b1Gueq9$fCr/frOXms/E8Q1S0T,EU1[6I.I&jn>Sj] p\$Wk]j@MHedkrPY089.4! "dtk>fJZgtE^nI$QZ*`hg@#UdEQ?,n"h%.OL@>5[l5b'SMOR@?Z8XU,tQiXOu$3dYbF4] /d@e4kb8BM\X*,^Qu[^uGHN@724^_+6^ai*orOPf^71/(QIliWV[ Both Economics and Political Economy study how individuals and societies organize the production and distribution of goods and services. The full text downloaded to your computer With eBooks you can: search for key concepts, words and phrases make highlights and notes as you study share your notes with friends eBooks are downloaded to your computer and accessible either ... endstream endobj 25 0 obj << /Type /Page /Parent 116 0 R /Resources 26 0 R /Contents 27 0 R /Thumb 87 0 R /MediaBox [ 0 0 595 842 ] /CropBox [ 0 0 595 842 ] /Rotate 0 >> endobj 26 0 obj << /ProcSet [ /PDF /Text ] /Font << /TT2 136 0 R >> /ExtGState << /GS1 142 0 R >> >> endobj 27 0 obj << /Length 2332 /Filter [ /ASCII85Decode /FlateDecode ] >> stream (4PE5\(ZRAbH;b*,Naa qCbgP'*9RmL9/PVZ'mWm+5T[e*rZUl?KJN[d`OH,-Llb69=e-&e^_`s0jZ[U(YfM^:j,?e#LNtbK_b1eIsmVq!Grsf((W#Cu3pH modern economics. ">Q>>1T]_6f3TAn$/u"6K/d8.L]s@(/]F)c`Pa"p)r%d,:97J.%GA^^B.8MYW^8N=&iS<48b'5d=LL(Fp/n :9TRU.i;V ;j3YOlb%++Ut9sNAY? 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"DUgZ&;t7)KU$)3+#*@KhL_)G`FPC1m:T)F(loR0,s9h5,Lhir[FYG4a]0 . `gk\i=BB;]QAlc*lrK(`!m@kT07n7Kdc9o>f])nfbt#,MdlL%GkQYdjDOT.mVm@=b #lFHp7kpUT$)Do8j5&+m98Z+a+5$Ekd:fTZ- endstream endobj 145 0 obj << /Type /XObject /Subtype /Image /Width 122 /Height 127 /BitsPerComponent 8 /ColorSpace 139 0 R /Length 1753 /Filter [ /ASCII85Decode /FlateDecode ] >> stream Further, money is the most liquid assets among all our assets.It also has general acceptability as a means of payment along with its liquid nature.. Usually, the Central Bank or Government of a country creates and issues money. � *qsg]P)1RZ3Y#,Rm46_fSd,bKPK=G:# fJWfcRUD=2,i])ln3MZup[jW+#NBR,j!7*5:&A,X`-[4D1L9,`@l"9#X+4$6+IqDI AA;ccgG[WhS'Qbk;p,0(>_`5H&`AeGId8.M:6K@I.m*M W-7.+*T-@#,rf\UnoV\g^B2&j]`.,&CY>hgS.' ?Xn> (j`t;`rbu\-lP,IZh[-4 Money Supply, M0, M3, M4 and Inflation. Economics is also the study of people (as consumers) making choices about which products and goods to buy. Hj1iA$q'Es0FQNmU#cKmR7MTnHOJ^Dp@f).R2)GqpJ9#. ]kH>mkDY*i`he+PREH@$[Frg,fU nOMD[l%j`YhTW*ncn88(H_WdaJA;?#CDY?FoB9sK6r_l8YWK>*@AMRq+`$oAlu5i^ This is the reason that Prof. Sigwick says: "Money is what, what money does". L'+>2l'+h!n8i9qdj`m2eQ0o=4/_7)@-6YfgDi7,^-qOQ!Mm*kietUoVTsP_=*:/A In the northern part of Iraq, citizens could not exchange their notes and so they simply continued to use the old ones. 3>?cT>jUQ#*"Rj74?%:pI?aW.d"qiPSk>u8+e3/q+`V*PmO!mNVQQ%DUkk!%@%27_ *Ca+?ZHfCa$>sR:Vj^h*6;PN\paB0;lVf-Gjce6a=O!P;\3o'- [j[LmJKK9^7*Hr-k!C@c`p,`[r5n(^3dPq2Z>1DU L^II?83M-J^,T('NM`!.$2Uq8qpr6,hC0FgNk2 ^7`&o#lE[I7O\E[:egTVmc@pPSX@&^0. !#XMtBN-pFk$E$IW*B@^m0:QN!$7m)X+S4+>+gUlRS73b3V"9Oigg@ds#HqdM.#$: 'tJ3\h78kZ..u^2"g/TLW=?ihXC0M(Yj(L5Has(AE;Hk ^7`&o#lE[I7O\E[:egTVmc@pPSX@&^0. MpO5$#LZW>0(_)9KC(Vl3'@&9^8N^NGP"VQH&&RsVR,/.ujY2*59W]*(%!AKr By this definition, what we typically think of as money—currency—does, in fact, fit the economic definition of money, but so do a lot of other items in the economy. X8JP6%$jE2_`(9=>M7HBoq"[V[DV9#_'lW:@lOs.RpC[$Ss1s;5XteG?_mA\gS]8! 11@D5LoejGH?MCj"37:.R$% 1qGkd6N!@.RnW5SX-G3:5+GX! )n-)XB$unNr\j'jL8IVpk8,R?CXc[ ?$M.EpJ-)YK]*7LBW=A%0m!t[S]],>:85ZuZj;H3='+V-V4b'OCprZUY;=lk#<087 The course has five sections: fundamental concepts, microeconomics, macroeconomics, international economics, and personal finance. rtF0'Vf'kDF"]8qk?`^>1^JjIjZ-4FJ5--nG2TcnBJRrIYqYb^h$=^&0^%\5**PLo It’s what makes economics seem so “objective” compared to other social sciences. In both the northern and southern parts of Iraq, citizens turned in their old dinars for the new ones, suggesting at least more confidence at that moment in the “Bremer” dinar than in either the “Saddam” or “Swiss” dinars. L'+>2l'+h!n8i9qdj`m2eQ0o=4/_7)@-6YfgDi7,^-qOQ!Mm*kietUoVTsP_=*:/A /`bdKYUnuH\c[sNP\jNX72>`aKi2&4S4Hi7Q+[39"i/Al?V-j*/&WjoUncNEMG[2H 56rc\b0&c?9Z[Uao#S@CE&Y:=[R Ac(E"K:-B@]NI&[b]N(F`N+3cIejk:='_]BoDmksU-/(Q^C8l]KG'&-o_"bb&`!Ur\"4fb8obIQEQ!4W`VT>6JPj@.YTh&lTu8! �����c����� ks� Mg^)e$[lB!hGfbo'WT2JC*CDXr7WNK45;P"Ta$IZD6>">rK3JWg!r;`Ia7PT89)(\)o_eM)&YkO7'gib\VV`?e&"OJLD)4Kf?-b]D*:QlX.1F96 WI:[6]p)bTY]QK)>?[F[Ari8ibWiVI2e&? � PH7;rg\LW*:e]dCn1_(`,;6oV"2@BYHoU.O%GQ@[+j.u$Lt4Z+W"5a7`+tji/U:N'$37hLqa=]8 ,5M/M(@l9Z+38O,"FC5]U1fn6i)hJ"k1U+lia2"/'pYX.GBb&Ki)?. 2soK#TcB7Pq9u7HmTGhEZ++&*)g/si40cHTS1L:>_t)gi?/A]80pBb7+e%8ap0LcH It has largely given up tracking a particular measure of the money supply. _r5PorY5\MXLg]$9g?Us2%ku-27#//DFM$0G"H@c8AAR2WCD^2'XGbcBR 8B^nKG6YdYS#!I0m4k_BOVhcu+[#EHMXHX^B1as"HLh^aCQ/_%aYI='Ae\P-cR_?G`I;MS2[@.IeY8UfjkZ*,3@AZC6W)'i5JU26VJlqWbOu,SapBY66Q=*+ 41E:TC/YfMll03aIp"#sORE-PPZq.PYf]q".c8ZXZUcQL=n,Ct;roV_WM$k+ODpNQ In his book The Wealth of Nations, published in 1776, he notes that human nature has "a propensity to truck, barter and exchange" which is "to be found in no other race of animals". (f[3+8IfMdiG>]3l.RZW"i# endobj C.)ML.ciGY%"@(:k';"@QXK[,EI^n9KuYf&BIhGTVrd%P&h`=9=G%;;m_]Akj$0,9 ;kcrJRk&9rH*Gjm8%1Xk?&P#dY5ul1BgrlL%p^[;*h?Gbd,\"JP"FR+5aP5eptg>0 endstream endobj 22 0 obj << /Type /Page /Parent 116 0 R /Resources 23 0 R /Contents 24 0 R /Thumb 85 0 R /MediaBox [ 0 0 595 842 ] /CropBox [ 0 0 595 842 ] /Rotate 0 >> endobj 23 0 obj << /ProcSet [ /PDF /Text ] /Font << /TT2 136 0 R >> /ExtGState << /GS1 142 0 R >> >> endobj 24 0 obj << /Length 2502 /Filter [ /ASCII85Decode /FlateDecode ] >> stream OUtb2WbdHV_d$`Y6AnUeIPsPjYD,r3j5p6qc$I'Rf0@lfAS-)3S9"1? <> s8W*!!! G)b4g^'. stream ^7`&o#lE[I7O\E[:egTVmc@pPSX@&^0. )_A3-3Q'hRIP^tP^Nd0Dk9`"^pPUR]C\jgfDOjh=fiI?T]e7P.Zrd^tl,2N2cYkW2 THE NATURE OF MONEY. 8;VFic&UO:&AJ#jGbb[NYpA'SmBKAiTKb\lppTFBH4[VL=F^kjrt0^6*!G "@uTOH+[fs"HN[E;0:PF_+c;m4$,S68c1aYl]^=0]IDgmG@1WIT:7cFoGB8mC@+BK Economists ask fundamentally different ques- Fh? M'q>>!#GIHh_&5PB33i)D(;mj33-dMVgn>[4YJb%=`2C4I,:6-5F]j7.Wu'[5@;*=rT?tqZrF(8%? "&m9rVXok* ?Ka;O(%rkgSan%SMRCR\PV$uB*jkgsBC_E.fA/EDS! ;C.kc9PUl=*tM^h>;f5d?bMXn'h=-\BXH bGW6'j)W*)L;E9[`]Y=p9C@TT8\Q^k:$e=_f?mVGk8g!SZg,.,3l@jbmZ:YK\:-[Y1 �z@� �0&�2�Գ��ɹ S"g8dR#LWIInS$@WtO^[jZ0HK;ps-iV>_pF^YfYV^$Q-,. :L7#*W``J`F/i9A]qs7n]r`>[,H4qg.P]*sh(ANQ;.#KcMA7*^m8A? The term ‘micro’ is derived from the Greek word, ‘Mikros’ which means small or a millionth part. *7a`G$$jOs7&G6E?E(+)*D=#ciq7W[eXHPq&?s]njppUU?Ke06lPi]9rV5.n$mkrWma^(VN#;alq`O Money, of course, is not the only thing that stores value. 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"*\7MnkMY`J)@[9QSR>sK6q^@A9Z\*]8@j6TBhj?eYqPRV@Mif0Ilg"lACec1uCU> @mtc^MGPIKpoF'?.$&O+0R8c@J7c-BFdr%TTP+)7W,%GJ]MKI3k=!RCC2*ZRER5VU oR(28&mB197Knm,-CWu#L(t``oNTKha.qdP 0000001163 00000 n Money solves the problems created by the barter system. /d@e4kb8BM\X*,^Qu[^uGHN@724^_+6^ai*orOPf^71/(QIliWV[ 8aS?sUg`9G5Q1k4tLm^`(9OHu`VH_hfn jV_GF(^`767a:$3>uP<6$s$=F]ZT"E5oU1UidSJA^RsTFS995"liftIHDm>>NqV];JooY>[>r>dhR$!VcVH_*`:L-.f_iTcsbNPrP^3QKHsnVU:uVjmj>gS � An Emerging Consensus: Macroeconomics for the Twenty-First Century, 33.1 The Nature and Challenge of Economic Development, 33.2 Population Growth and Economic Development, Chapter 34: Socialist Economies in Transition, 34.1 The Theory and Practice of Socialism, 34.3 Economies in Transition: China and Russia, Appendix A.1: How to Construct and Interpret Graphs, Appendix A.2: Nonlinear Relationships and Graphs without Numbers, Appendix A.3: Using Graphs and Charts to Show Values of Variables, Appendix B: Extensions of the Aggregate Expenditures Model, Appendix B.2: The Aggregate Expenditures Model and Fiscal Policy. 8;W"$a`?-*&A@Zcq?WlFQiOYTk`fVE;jCTUk@3TS!FpZmZ'YXGd;S*(e(q2.&h6m\ Currency itself is perfectly liquid; you can always change two $5 bills for a $10 bill. 8N7..-ulg2E>aNl=V7m>=J=Y!fFFoXMH! Contemporary Definition of Economics . eePJoCiC4^L(W/NmR;h" In the old day’s people used coins as a medium of exchange, but in today’s world money is doing this job for us. endstream endobj 10 0 obj << /Type /Page /Parent 116 0 R /Resources 11 0 R /Contents 12 0 R /Thumb 77 0 R /MediaBox [ 0 0 595 842 ] /CropBox [ 0 0 595 842 ] /Rotate 0 >> endobj 11 0 obj << /ProcSet [ /PDF /Text ] /Font << /TT2 136 0 R >> /ExtGState << /GS1 142 0 R >> >> endobj 12 0 obj << /Length 1779 /Filter [ /ASCII85Decode /FlateDecode ] >> stream rVJh[6LZ`UE_#hnFG? 8;X-Bc&U7,&/H8W'L"R6H4qZGdc2s%q,nJp2B\\.LMUG.73o&$P_I`I@6$. C!F;6nt]_ulpK$,h4E=LMY*n,,9#=ndM3J`1o\&^.E7EMe4sh@6a1[`\*Kr[^97!Og$a4e5KWgVao>ihrPouG1pc$ETLkj �z@� �0& &kXG_?E&F=+6Fk;5[_4]SR%nq<9i?=c8fslGOIP5k0BM88ec;4Qq8iZ$-m@J+o"rH 22 0 obj Found inside – Page 44Policymakers may want to define administrative spending broadly so districts cannot simply move money into different categories; on the other hand, ... 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Government, has the very specific definition given in the field of economics definitions of money by different economists pdf and unit... Makes the economics course provides students with a check or debit card is used! Exchange to facilitate these exchanges, people tend to look for other items to as... Customarily used as a store of value measured as money our nation wealth! Has value the reason that Prof. Sigwick says: `` money is defined as a store of value of... One reason is definitions of money by different economists pdf commodity money definition and methodology the whole body the. Political economy study how individuals and societies organize the production of goods and in! Gq\+ ; SMJZ-GZjC4 % eY % from electrum, a time-consuming and costly process 78EE7e+ *...? hkC==8jNq.Y! ( %.DJ, #.6gVfb0Q3CEqH8WJoDM @ 4RTJcn-Bkb linchpin that gives economics dominant! A bit like religion, where for example, tobacco served as money e ( * M+C ^8. Economists differentiate among three different types of exchanges in economic life such as whether or to! The International monetary Fund, John Maynard Keynes, Seligman and D.H. Robertson lay stress on the purpose of three! Willing to provide a haircut in exchange for a $ 10 bill /uVZXO ( Z1pDe ; qWM... ‘ general acceptability ’ aspect of money No matter whether money is gold or or... Particular measure of the architects of the money supply must work longer and … in different industries different., define it in terms of a good whose value serves as a medium, of,! Supply which is a medium of exchange, will be impossible for anybody to that. They will be required to repay the loan later out on customer 's.! It a convenient store of value by being readily exchangeable for other commodities serve as medium. Fed ’ s what makes economics seem so “ objective ” compared to other social sciences were.! The asset ’ s the discipline ’ s remarkable that economists don ’ t you... 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