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Country Travel Economy.

Pure competition perfect competition.

Pure monopoly monopoly.

Put option. Option.

Pyramiding. Holding company.

Quantitative restrictions quotas.

Quantity equation. Quantity theory of money.

Quantity of money money supply.

Quantity theory of money. A theory of the relationship between the quantity of money in an economy and the price level.

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This long-established theory begins with the identity (known as the Fisher equation' after the economist I. Fisher) MV = Py, where M is the stock of money, V is the income velocity of circulation of money, P is the average price level and y is a measure of the flow of real goods and services, i.e. the flow of real income. This is an identity, because the left-hand side measures the total money value of transactions over a given period, i.e. the stock of money multiplied by the number of times it has circulated through the economy financing transactions, while the right-hand side measures the total money value of goods sold. Since the total money value of transactions is necessarily the same as money value of goods sold, the two sides of the equation are equal by definition. However, it is hypothesized (a) that y is constant, because the economy is at full employment and will remain there, and (b) that V is constant, being determined by certain institutional features of the economy, e.g. time intervals between wage and salary payments, which determine the extent to which the spending pattern of buyers coincides with the requirements for money of sellers. (These features change only very slowly over time, and so can be taken as constant in the short-run. ) We could, then, rewrite the above identity as the equation.

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