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1、Lecture1WhatIsMoney1MeaningofMoneyAsthewordmoneyisusedineverydayconversation,itcanmeanmanythings,buttoeconomists,ithasaveryspecificmeaning.Toavoidconfusion,wemustclarifyhoweconomists，useofthewordmoneydiffersfromconventionalusage・Economistsdefinemoney(alsoreferredtoasthemoneysupply
2、)asanythingthatisgenerallyacceptedinpaymentforgoodsorservicesorintherepaymentofdebts・Currency,consistingofdollarbillsandcoins,clearlyfitsthisdefinitionandisonetypeofmoney.Whenmostpeopletalkaboutmoney,they'retalkingaboutcurrency(papermoneyandcoins)・If,forexample,someonecomesuptoyou
3、andsays,"Yourmoneyoryourlife,”youshouldquicklyhandoverallyourcuiTencyratherthanask,“Whatexactlydoyoumeanby"money5Todefinemoneymerelyascurrencyismuchtoonarrowforeconomists.Becausechecksarealsoacceptedaspaymentforpurchases,checkingaccountdepositsareconsideredmoneyaswell・Anevenbroade
4、rdefinitionofmoneyisoftenneeded,becauseotheritemssuchassavingsdepositscanineffectfunctionasmoneyiftheycanbequicklyandeasilyconvertedintocurrencyorcheckingaccountdeposits・Asyoucansee,thereisnosingle,precisedefinitionofmoneyorthemoneysupply,evenforeconomists.Tocomplicatemattersfurth
5、er,thewordmoneyisfrequentlyusedsynonymouslywithwealth・Whenpeoplesay,"Joeisrich一hehasanawfullotofmoney,theyprobablymeanthatJoehasnotonlyalotofcurrencyandahighbalanceinhischeckingaccountbuthasalsostocks,bonds,fourcars,threehouses,andayacht.Thuswhile"currency"istoonarrowadefinitionof
6、money,thisotherpopularusageismuchtoobroad・EconomistsmakeadistinctionbetweenmoneyintheformofcuiTcncy,demanddeposits,andotheritemsthatarcusedtomakepurchasesandwealth,thetotalcollectionofpiecesofpropertythatservetostorevalue・Wealthincludesnotonlymoneybutalsootherassetssuchasbonds,com
7、monstock,art,land、furniture,cars,andhouses.Peoplealsousethewordmoneytodescribewhateconomistscallincome,asinthesentence“Sheilawouldbeawonderfulcatch;shehasagoodjobandearnsalotofmoney：Incomeisaflowofearningsperunitoftime・Money,bycontrast,isastock:Itisacertainamountatagivenpointintim
8、e・Ifsomeonetellsyouthathehasaninc
