Nature of Competition: Accounting for the Product Market 02
We recall the apple market from the previous blogpost: ① the exactly-same unit of Golden Delicious is the product ; ② the market is conceived for the community ; ③ the period for the sake of accounting is the year . Without the three names, the market would become indefinite, irrelevant, meaningless, useless, redundant, or just fun at best. The medium of exchange in classical times was almost always in forms of legal tender such as dollar bills in the US. In modern times, however, the medium is extremely diverse in “real or virtual identities,” but always and everywhere “in the name” of legal tender such as the dollar sign ($). Particularly since the year 1936, real money has been more often than not dispensed with, except for its name being continuously and consistently used. As regards “Money in the 21 st Century,” “only the ...