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The maasha was an East Indian coin, of about one tenth of the weight of a rupee.
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A macroeconomic model is a model of a country's economy that is based on macroeconomic theory and econometric analysis. These models make use of past data on such variables as output, employment, and consumption to forecast future values. In Britain, many such models are constructed by various groups of economists; the most influential is the model constructed by the Treasury. However, the quality and usefulness of the forecasts so obtained are still widely debated.
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Macroeconomics is the study of economic aggregates and their relationships to, for example, money, employment, interest rates, government spending, investment, and consumption. John Keynes is widely credited with the foundation of macroeconomics since he sought to explain that even if the economy is operating efficiently at the microeconomic level, unemployment and recession may still occur at the macroeconomic level, because of the lack of coordination between markets. Modern macroeconomics may be summarized as an attempt to assess the validity of this proposition and to establish what role, if any, the government should play in the economy.
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A mail shot is selling, advertising, or fund-raising material sent to all the names on a mailing list.
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A mail survey is market research conducted by mail. As respondents have time to consider their answers, this form of research has advantages over both telephone surveys and face-to-face surveys. However, it does suffer from low returns.
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A mail-order house is a firm that specialises in selling goods direct to customers by post. Orders are obtained from an illustrated catalogue supplied by the firm or by agents, who introduce the catalogue. The low costs of selling, especially the absence of retail premises, enable the mail- order houses to offer goods at competitive prices.
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A mailing list is a list of names and addresses used in direct-mail selling, advertising, fund raising, etc.
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The maille-noble was a gold coin, a half-noble, of the reign of Edward III valued at 3 shillings and 4 pence sterling.
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The main market is the premier market for the trading of equities on the London Stock Exchange. For this market the listing requirements are the most stringent and the liquidity of the market is greater than in the unlisted securities market and the other junior markets. A company wishing to enter this market must have audited trading figures covering at least five years and must place 25% of its shares in public hands. The main market currently deals in over 2500 stocks.
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Mainstream corporation tax (MCT) is the liability for corporation tax of a company for an accounting period after the relevant advance corporation tax (ACT) has been deducted. In the imputation system of corporation tax in Britain, payments on account of ACT are paid when dividends are paid to shareholders. Mainstream corporation tax is the balance remaining to be paid.
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On the London Stock Exchange, making a price is the quoting by a market maker of a price at which he will sell securities and a price at which he will buy them, usually without knowing whether the broker or other person asking him to make a price wishes to buy or sell. Having made a price, the market maker is bound to buy or sell at the prices he has quoted, though he may limit the quantity by saying so at the time he makes the price.
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Web sites generate direct revenue in two possible ways, either by charging subscription fees or selling advertising space. Subscription fees are straightforward, and so long as the web site provides something are people are prepared to subscribe to, they are effective. Subscription fees are most notably charged by erotic web sites, but also by some well renowned publications such as the Oxford English Dictionary and Encyclopaedia Britannica.
Selling advertising space is more complicated, but offers opportunities to a wider range of web sites, most notably 'free' web sites. Advertising space may be sold either directly, or through one of a number of third-party agencies who in return for a percentage of the revenue, act as a broker between web site publishers and those wishing to advertise. Advertisers generally wish to spread their advert over a wide range of web sites to maximise their exposure, and as such tend to use agencies more than direct advertising with a web site. There are a number of notable and reputable web advertising agencies including: Adtegrity.com, Adbrite.com, Casalemedia.com, Valueclick.com, and Linkworth.com. These agencies provide advertising to web site publishers, and pay after the adverts have been displayed, often between 30 days and 90 days after the end of the month. Larger advertising agencies will only accept web sites that generate a larger amount of traffic, or readers.
Better agencies will monitor the effectiveness of advertising campaigns presented on different web sites, and will supply advertising campaigns which generate higher eCPM revenues. However, since a web site can only display so many adverts, web site publishers should not be complacent, and should monitor the eCPM of campaigns being supplied and should reject campaigns which are not earning revenue. Similarly, agencies frequently do not have any advertising to supply to a web site, and in these circumstances will deliver either non-paying adverts either for charity or default adverts created by the web site publisher to fill the gaps. Default campaigns can often be adverts supplied by a different advertising agency, thus allowing a web site publisher to deal with a primary agency, and fill gaps in advertising with campaigns from one or more secondary agencies. A typical scenario may be to use Valueclick as a primary supplier of advertising. Valueclick allows up to ten 'default' advertising campaigns to be created for each different advert format. A publisher may then create a default banner advert to be supplied from the Casale agency when no primary Valueclick banner format advert is available. Similarly, Casale allows one default advert to be created for each advert format, and a publisher may then create a default banner advert to be displayed when Casale doesn't have a banner advert to display either, thereby maximising potential earnings.
No matter whether a web site sells directly to an advertiser or through and agency, adverts come in two basic payment forms: CPC or 'cash-per-click', whereby the publisher recieves an amount each time the advert is 'clicked' by a visitor to the web site; and CPM or 'cost-per-impression', whereby a publisher is paid for each time an advert is displayed. A third system, whereby an advert is displayed for a period of time such as a month or a week is much less common. Both main systems can be measured and compared with a third variable known as the eCPM or 'effective CPM', this being the actual revenue paid to a publisher for each thousand adverts displayed. Some CPC adverts attract a great deal of reader interest and can generate a higher eCPM than some CPM adverts.
Web site adverts come in various standard forms: pop-ups and pop-unders, where a separate web page is opened containg the advert when a reader visits a publisher's web page. These tend to be annoying to readers, and are often capped so that an individual is only delivered one pop-up advert within a given time scale, usually twenty-four hours. Even more controversial are interstitial adverts. Interstitial adverts are a format of advert that appears between page views. When a reader clicks on an interstitial advert enabled link, they are redirected to an intermediate advertising page where they will be presented with an advert for a short period, typically ten seconds after the advert finishes loading. Afterwards the reader is automatically redirected to the URL from the original link. This type of advert is very annoying to readers, and like pop-ups are usually frequency capped so that a reader is not presented with subsequent interstitial adverts within a certain time frame. Interstitial adverts work where the reader has a valuable prize at the end, for example when clicking a link for a free download of software. InVue is an advertising format in which the advert 'floats' into view when a user visits a web page, covering over part of the existing page. These are similarly annoying to readers and are typically frequency capped so that readers are not presented with more than one InVue advert within a given time frame. Other advertising formats are less intrusive and generally more popular with readers, and as such attract lower advertising rates. These include banners, skyscrapers, rectangles, medium rectangles and text links.
Banner adverts are among the most common and least intrusive advertising media. They come in two standard sizes; 468x60 pixels and a larger 728x90 size and typically must be displayed towards the top of a web page.
Skyscraper adverts evolved later than banner adverts and are displayed vertically, coming in standard sizes of 120x600 pixels and wider 160x600 pixels. Typically skyscraper adverts must be displayed towards the top of a web page, and are less popular with advertisers than banner adverts.
Medium rectangle adverts are large, 300x250 pixels, adverts that like abnner adverts and skyscrapers are incporprated within a web page.
Rectangle adverts are smaller than medium rectangle adverts, at 180x150 pixels, but are again incoporated within the web page.
Half-page adverts evolved later than the other incorporated advert formats and are large, 300x600 pixels, skyscraper-type adverts which are incorporated within the web page.
Text-link adverts take two forms. They are either a simple text link somewhere within the body of a web page, or, more commonly, are one or more text-only adverts within one of the other standard sized incorporated advert formats - banner, skyscraper, medium rectangle, or rectangle. Text-link adverts tend to be sold as CPC, the most commonly encountered being those from the search engine Google that sells text-link adverts under its 'AdSense' program, and from Israeli firm Targetpoint, while Linkworth and Adbrite both enable web site publishers to set their own price for displaying a text-link advert for a period of time.
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The making-up price is the price at which securities that have not been paid for on account day (on the London Stock Exchange) are carried forward to the next account.
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A managed currency (managed floating) is a currency in which the government controls, or at least influences, the exchange rate. This control is usually exerted by the central bank buying and selling in the foreign- exchange market.
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A managed fund is a fund, made up of investments in a wide range of securities, that is managed by a life- assurance company to provide low risk investments for the smaller investor, usually in the form of investment bonds, unit trusts, or unit-linked saving plans. The fund managers will have a stated investment policy favouring a specific category of investments.
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A management accountant is an accountant whose primary role is to advise the management of a company on the consequences of their activities. He is likely to be involved in the budgetary procedures of his organization and will be responsible for producing monthly management figures; he will also be involved in advising on new developments, pricing, cash-flow requirements, and the financial consequences of various projects. The professional organization of management accountants in Britain is the Chartered Institute of Management Accountants.
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A management buyout is the buying by its managers of a company that is in trouble, the target of an unwelcome take-over bid, or about to be floated. Usually the managers require the backing of a bank or an institutional investor to finance the purchase of sufficient shares to gain control of the company. The hope of both the managers and the backers is that the financial involvement of the managers, who know more about the business than anyone else, will make the company sufficiently successful for its shares to rise in price on the market, enabling the managers to sell at least a part of their holdings at a profit.
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A management consultant is a professional adviser who specializes in giving advice to organizations on ways for improving their efficiency and hence their profitability. They come into an organization as total outsiders, uninfluenced by either internal politics or personal relationships, and analyse the way the business is run. At the end of a period, during which two or more members of the consultant firm have spent a considerable time in the organization, they provide a detailed report, giving their suggestions for improving efficiency. Their advice usually spans board-level policy- making and planning, the use of available resources (department by department), the best use of manpower, and a critical assessment of industrial relations, production, marketing, and sales.
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The Management Consultants' Association (MCA) is an association founded in 1956 to establish and maintain the professional standards of the management consultancy profession in Britain.
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A management information system (MIS) is a database held within a company, to which only management has access. It enables all the managers in the organisation to have the same basic data on which to formulate their decisions.
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A managing director (MD) is the company director responsible for the day-to- day running of a company. Second in the hierarchy only to the chairman, if there is one, the managing director is the company' s chief executive, a title that is becoming increasingly popular in both the USA and Britain. In the USA the president is often the equivalent of the MD. If a company has more than one MD, they are known as joint managing directors.
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The Manat is the currency of Azerbaijan. One Manat is equal to 100 gapik.
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The Manufactory Bank was a short-lived scheme in Massachusetts, America, in 1740 to establish a bank by securing its issues by a mortgage on the real estate of each subscriber to the amount of his subscription. It was supported by traders and people in the rural districts and by the House of Representatives, but was opposed by a strong party. It issued 50,000 pounds of notes and then failed.
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The manufacturing account is the part of a profit-and-loss account in which the manufactured cost of goods sold is calculated by taking direct costs, factory overheads, etc., and adjusting for changes in stocks of raw material and work in progress.
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The maravedi was a Spanish coin of the 11th and 12th centuries, first struck at Cordova as a gold coin by the Almoravides. After 1474 it was the smallest Spanish bronze coin. It ceased circulation in 1848.
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A Mareva injunction is an order of the court preventing the defendant from dealing with specified assets. Such an order will be granted in cases in which the plaintiff can show that there will be a substantial risk that any judgment he obtains against the defendant will be worthless, because the defendant will dissipate his assets to avoid paying. It is usually granted to prevent assets leaving the jurisdiction of the English courts, but may in exceptional circumstances extend to assets abroad. It is named after the 1975 case Mareva Compania Naviera SA v International Bulkcarriers SA.
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The Marginalists are followers of a school of thought dating from the 1870s, on which modern neo- classical economics is based. Developed independently by W S Jevons, Carl Menger, and M E L Walras, it argues that economic value is determined by the rate of exchange (or price) of the last unit of a good supplied in the market. This broke with the Classical school's view of value, which was defined as the quantity of labour embodied in a unit of output. Marginal analysis was then applied to the behaviour of consumers and the behaviour of the firm. When applied to a particular firm or to households, this analysis yields a partial equilibrium explanation of choice; applied to the economy as a whole it provides a general equilibrium solution, describing the efficient allocation of all resources.
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Marine insurance is the insurance of ships or their cargo against specified causes of loss or damage that might be encountered at sea. The definition has widened over the years to include the transit of cargo over land at each end of the voyage and the term 'vessel' now extends to include ships under construction or repair and drilling rigs.
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The mark was from 1871 to the start of 2002 the currency of Germany.
In the USA, a silver coin, known as a mark, weighing eleven penny weights six grains, was offered by Morris to the Continental Congress in 1783 for consideration as a national coin, but not accepted. It was equivalent to ten of his cents, seventy American cents. On the obverse the decoration consisted of an eye, the centre of a glory, thirteen-points cross, equidistant a circle of as many stars; with the legend: Nova Constellatio. On the reverse was US 1.000, a wreath surrounding and the legend: Libertas. Justitia. 1783. This, with the quint, were known as the Nova Constellatio patterns.
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A marked cheque is cheque that the bank on which it is drawn has marked 'good for payment'. This practice has been replaced in Britain by bank drafts, although it is still used in the USA, where such cheques are called certified checks.
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Market forces are the forces of supply and demand that in a free market determine the quantity available of a particular product or service and the price at which it is offered. In general, a rise in demand will cause both supply and price to increase, while a rise in supply will cause both a fall in price and a drop in demand, although many markets have individual features that modify this simple analysis. In practice, most markets are not free, being influenced either by restrictions on supply or by government intervention that can affect demand, supply, or price.
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A market maker is a dealer in securities on the London Stock Exchange who undertakes to buy and sell securities as a principal and is therefore obliged to announce prices at which he will buy or sell a particular security at a particular time. Before October 1986 this function was performed by a stockjobber, who was then obliged to deal with the public through a stockbroker. However since October 1986, when the rules changed, market makers attempt to make a profit by dealing in securities as principals (selling at a higher price than that at which they buy) as well as acting as agents, working for a commission. While this dual role may create a conflict of interest for market makers, it avoids the restrictive trade practice of the former system and reduces the cost of dealing in the market.
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The Market Research Society (MRS) is a professional association in Britain for those who use survey techniques for marketing, social, and economic research. The MRS aims to maintain professional standards, to provide its members with training programmes and information about new techniques, and to represent the interests of its members to government and commerce.
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Market segmentation is the division of a market into homogeneous groups of consumers, each of which can be expected to respond to a different marketing mix. There are numerous ways of segmenting markets, the more traditional being by age, sex, family size, income, occupation, and social class; more recently geodemographic segmentation, which identifies housing areas in which people share a common lifestyle and will be more likely to buy certain types of products, has become more popular. Another frequently used method is benefit segmentation; for example, the toothpaste market can be segmented into those primarily concerned with dental protection and those concerned with a fresh taste. Once a segment has been identified, the marketer can then develop a unique marketing mix to reach it, for example by advertising only in the newspapers read by that market segment. Therefore, to be of practical value a market segment must be large enough to warrant the development costs.
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Marketing is the process of identifying, maximizing, and satisfying consumer demand for a company's products.
Marketing a product involves such tasks as anticipating changes in demand (usually on the basis of marketing research), promotion of the product, ensuring that its quality, availability, and price meet the needs of the market, and providing after-sales service.
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Marketing research is the systematic collection and analysis of data to resolve problems concerning marketing, undertaken to reduce the risk of inappropriate marketing activity. Data is almost always collected from a sample of the target market, by such methods as observation, interviews, and audit of shop sales. Interviews are the most common technique, and can be carried out face-to-face, by telephone, or by post. When the results have been analysed (usually by computer), recommendations regarding the original problem can be made. Market research uses marketing research techniques with the restricted objective of discovering the size of the market for a particular brand or product.
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The markka is the currency of Finland.
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In economics, the Marshallian demand function is a function that expresses the quantities of goods demanded by an individual in terms of the price of a good and the income of the individual. The sum of Marshallian demands represents the indirect utility function. An increase in the price of a good will affect Marshallian demands in two ways: through the price change itself and through the effective change in the value of the individual's income. The concept was introduced by Alfred Marshall.
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Marxist economics is a branch of Classical economics developed by Karl Marx, which added a strong political flavour to economic thought. Developing Adam Smith's concept of labour as the source of economic value, Karl Marx argued that capitalists extract surplus value from workers by means of the production process, leaving them only a subsistence wage. In Karl Marx's view, capitalist economies would be subject to ever deepening crises, which would eventually destroy capitalism, leaving the state open to control by the workers. Marx's predictions have largely proved inaccurate; although crises have continued to occur, living standards in capitalist countries have risen, enabling capitalism to enjoy the support of many workers. Moreover, as Marxist economic thought has developed little since Karl Marx's writings, it has receded in importance.
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The Maryland penny was a copper coin of the value of two cents, coined in England by Lord Baltimore in 1659, and issued in Maryland the same year. The obverse of this penny was stamped with a profile bust of Lord Baltimore. The reverse contained a ducal coronet upon which were erected two masts, each bearing a flying pennant with the legend Denarium: Terrae-Mariae. This coin was issued simultaneously with the Maryland shilling.
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Royal maundy was silver coins struck and distributed to the value of and to as many old persons as the monarch' s age in Britain.
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In America, between 1801 and 1803 America's wars with the Barbary pirates necessitated a slight increase in import duties, and the money thus accruing was termed the 'Mediterranean Fund'. This was made a basis for the increase of protection in the tariff levied in 1816.
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A memorandum of association is an official document setting out the details of a company's existence. It must be signed by the first subscribers and must contain the following information (as it applies to the company in question): the company name; a statement that the company is a public company; the address of the registered office; the objects of the company (called the objects clause); a statement of limited liability; the amount of the guarantee; and the amount of authorized share capital and its division.
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A memorandum of satisfaction is a document stating that a mortgage or charge on property has been repaid. It has to be signed by all the parties concerned and a copy sent to the Registrar of Companies, if the mortgage or charge was made by a company.
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Mercantile law is the commercial law, which includes those aspects of a country's legal code that apply to banking, companies, contracts, copyrights, insolvency, insurance, patents, the sale of goods, shipping, trademarks, transport, and warehousing.
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Mercantilism is the economic theory prevalent between 1500 and 1800, mainly in England and France. Its main characteristics were a belief that exports created wealth for a nation, while imports diminished wealth; that gold and silver bullion (specie) should be accumulated by a country in order to encourage trade internally; and that to achieve these ends governments should encourage exports of manufactured goods and imports of bullion while restricting exports of bullion and imports of manufactured goods. The implication of this theory is that trade benefits only one country; it became discredited when such economists as Adam Smith showed that trade can be beneficial to both sides.
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Merchandising is the promotion by a retailer in his shop of selected products. Commonly used techniques include displays to encourage impulse buying, free samples and gifts, and temporary price reductions.
Merchandising policy is usually designed to influence the retailer's sales pattern and is influenced by such factors as the firm's market, the speed at which different products sell, margins, and service considerations. Sometimes merchandising is used to attract customers into the shop rather than to promote the product itself.
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A merchant is a trader who buys goods for resale, acting as a principal and usually holding stocks. Typically a merchant sells goods in smaller lots than he buys and often exports goods or is involved in entrepot trade.
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The Merchant Adventurers were a trading guild established by the Duke of Brabant in 1296, but afterwards extended to England, where the company received the title by patent of Henry VII in 1505. In 1564 the guild was incorporated by Elizabeth I, and was granted extensive privileges in the East, afterwards leading the attack on the East India Company in the reigns of James I and Charles I. The Merchant Adventurers dealt chiefly in woollen clothes.
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A merchant bank is a bank that formerly specialized in financing foreign trade, an activity that often grew out of its own merchanting business. This led them into accepting bills of exchange and functioning as accepting houses. More recently they have tended to diversify into the field of hire- purchase finance, the granting of long-term loans (especially to companies), advising companies on flotations and takeover bids, underwriting new issues, and managing investment portfolios and unit trusts. Many of them are old- established and some offer a limited banking service. Their knowledge of international trade makes them specialists in dealing with the large multinational companies.
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Merchantable quality is an implied condition respecting the state of goods sold in the course of business. Such goods should be as fit for their ordinary purpose as it is reasonable to expect, taking into account any description applied to them, the price (if relevant), and all the other relevant circumstances. The condition does not apply with regard to defects specifically drawn to the buyer's attention or defects that he should have noticed if he examines the goods before the contract is made.
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The Meulen Scheme was a plan put forward by a Dutch financier and proposed in 1920-1921 to restore financial stability to Europe. The Meulen Scheme was based upon the issue of bonds which were lent by the governments of needy countries to their importers so that they could use them as collateral security for payment of their debts to exporters of other countries. The governments guaranteed the bonds, and the terms of the sale and import of goods was agreed between the importer and exporter as normal. The Meulen Scheme was approved by the League of Nations who in 1921 appointed the Manchester banker Sir D Drummond Fraser to organise it.
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Microeconomics is the analysis of economic behaviour at the level of the firm or the individual. For the individual or household it is concerned with the optimal allocation of a given budget, the labour supply choice, and the effects of taxation. For the firm it is largely concerned with the production process, costs, and the marketing of output, dependent on the type of competition faced.
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Microfoundations are a basis for a macroeconomic model in which economic events are controlled by the rational utility-maximizing behaviour of individuals. It was realized in the late 1960s that traditional macroeconomic models, such as the ISLM model, had no such basis; much of macroeconomics since then has therefore focused on establishing these foundations. This has polarized the debate between monetarists and Keynesians of the 1950s and 1960s much more sharply. On the one hand, traditional monetarists emphasize the market clearing assumption, Pareto optimality, and rational expectations as a basis of analysis, while traditional Keynesians now emphasize the possibility of market failures.
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A migrant worker is a worker who has come from another country or region to work. Attracted by better wages in the country or region to which he has migrated, he may or may not have brought his family with him. In many cases he will not have done so and will therefore be sending a substantial proportion of his earnings back to his native country. This can have an adverse effect on the balance of payments of countries that attract substantial numbers of migrant workers and conversely can be advantageous to countries from which many workers migrate. Migrant workers can also cause problems with the trade unions in the countries to which they migrate.
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A milk round is an annual visit to universities by the personnel managers of large companies seeking graduates to join their organisations.
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The milreis (milrea or millree) was the currency of Portugal until 1911, and of Brazil until 1942. A Portugese milrei was comprised of 1000 reis and was struck in silver and later in gold.
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The mina was an ancient Jewish monetary unit comprised of 50 shekels.
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Mincing Lane is the street in the City of London that is the centre of commodity trading. Plantation House, lying between Mincing Lane and the parallel Mark Lane, houses the offices of many commodity brokers and dealers and formerly housed the London Commodity Exchange. It is named after the mynchens, or nuns, of the nearby St Helen's in Bishopsgate.
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The minimum lending rate (MLR) was the successor, between 1971 and 1981, of the bank rate. In this decade it was the minimum rate at which the Bank of England would lend to the discount houses. This was a published figure; the present more informal base rate does not have the same status. When the government suspended MLR in 1981 it reserved the right to reintroduce it at any time, which it did for one day in January 1985.
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The Mississippi Company was an American land company started in 1769 by some
wealthy and prominent Virginians as a rival to the Walpole Company, which, in 1766, had obtained a grant of 500,000 acres along the Scioto River.
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A mixed economy is an economy in which some goods and services are produced by the government and some by private enterprise. A mixed economy lies between a command economy and a complete laissez- faire economy. In practice, however, most economies are mixed; the significant feature is whether an economy is moving towards or away from a more laissez-faire situation. Although most western economies retreated from laissez-faire policies in the post-war era this tended to be reversed in the 1980s.
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A mock auction is an auction during which a lot is sold to someone at a price lower than his highest bid, part of the price is repaid or credited to the bidder, the right to bid is restricted to those who have bought or agreed to buy one or more articles, or articles are given away or offered as gifts. Under the Mock Auction Act (1961) it is an offence to promote or conduct a mock auction.
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Modified accounts are a form of statutory annual accounts for small companies and medium-sized companies in Britain. Currently all companies have to submit full accounts to their shareholders, although consideration is being given to shortened accounts even for large companies. However, the small and medium-sized companies need file only modified accounts with the Registrar of Companies. For small companies, modified accounts consist only of a balance sheet, certain specified notes, and a copy of the auditors' report. In the case of medium- sized companies the profit and loss account may omit some information but otherwise full information must be filed.
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The mohur was an Indian gold coin valued at 15 rupees.
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The moidore was a Portugese gold coin equal to 4800 reis, used from 1690 until 1722.
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The Molasses Act was an act passed by the British Parliament in 1733 to protect the molasses and sugar industry of the British West Indies. By this act a heavy duty was laid on all sugar and molasses imported into the American colonies from the French islands.
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Monadic testing is a technique used in marketing research in which consumers are presented with a product to test on its own, rather than being asked to compare it with a competing product.
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Monetarism is a school of thought in economics that places money at the centre of macroeconomic policy. Based on the quantity theory of money, and first expressed by the Scottish philosopher David Hume, it relates the price level to the quantity of money in the economy. Latterly, monetarism has been the main opponent to Keynesianism, claiming that monetary factors are a major influence on the economy and that, in particular, government expansion of the money supply will tend to generate inflation rather than employment. Pure monetarism has, however, become confused with more general criticisms of Keynesianism by economic theorists and the crude distinction between monetarism and Keynesianism is misleading.
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Monetary aggregate is any of several measures of the money supply from the narrow M0 to the broad M5 (PSL5).
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Monetary assets and liabilities are mounts receivable (assets) or payable (liabilities) that appear in a company's accounts as specific sums of money, e.g. cash and bank balances, loans, debtors and creditors. These are to be distinguished from such nonmonetary items as plant and machinery, stock in trade, or equity investments, which although they are also expressed in accounts at a value (frequently cost) are not necessarily realizable at that value.
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Monetary policy is a means by which governments try to affect macroeconomic conditions by increasing or decreasing the supply of money. Three main options are available: (i) printing more money (now rarely used in practice); (ii) direct controls over money held by the monetary sector; (iii) open- market operations. The traditional Keynesian view has been that monetary policy is at best a blunt instrument (money does not matter), while monetarists have held the opposite view. The new classical macroeconomists, using the theory of rational expectations, have argued that monetary policy is ineffective if it is anticipated. In practice, governments have tended to employ 'tight' monetary policies, in the belief that this restrains inflation.
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A monopsony is a market in which there is only a single buyer. The combination of monopsony and monopoly is a bilateral monopoly. If there are many sellers, the buyer may be able to exploit his market position - a situation in which governments frequently find themselves. However, a monopsonist will not be able to drive prices below those necessary to achieve normal economic profits (in the same way that a monopolist drives prices higher), since in this case an entrepreneur would either become bankrupt or leave the market.
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A moratorium (from the Latin morari,'to delay'), is a legal suspension of debt payments over a specified period, usually effected by the judicial or legislative action of a government.
Moratoriums are generally instituted in times of economic crisis or depression, when the enforcement of debt collections, either within a nation or among nations, would render the debtors bankrupt and cause a general economic collapse.
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Abbreviations
Money
