Absolute (Money) Price

Median Voter Model A model suggesting
that candidates in a two-person political race
will attempt to match the preferences of the
median voter (i.e., the person whose preferences are at the center, or in the middle, of
the political spectrum).
Medium of Exchange Anything that is
generally acceptable in exchange for goods
and services; a function of money.
Microeconomics The branch of
economics that deals with human behavior
and choices as they relate to relatively small
units: an individual, a firm, an industry, a
single market.
Minimum Efficient Scale The lowest
output level at which average total costs are
minimized.
Monetary Policy Changes in the money
supply or in the rate of change of the money
supply, intended to achieve stated macroeconomic goals.
Monetary Wealth The value of a person’s
monetary assets. Wealth, as distinguished
from monetary wealth, refers to the value
of all assets owned, both monetary and
nonmonetary. In short, a person’s wealth
equals his or her monetary wealth (e.g.,
$1,000 cash) plus nonmonetary wealth (e.g.,
a car or a house).
Money Any good that is widely accepted
for purposes of exchange and the repayment
of debt.
Money Market Deposit Account
(MMDA) An interest-earning account at
a bank or thrift institution, for which a
minimum balance is usually required and
most of which offer limited check-writing
privileges.