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Chapter 5 - Coggle Diagram
Chapter 5
Inflation
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The quantity equation
M V = P Y
- M: quantity of money
- V: velocity
- P: price level
- Y: output
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The meaning of money
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Kinds of money
Fiat money: ... has no intrinsic value we use
Example: coins, the paper currency
Commodity money:... has intrinsic value
Example: gold, silver
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