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Lev Vygotsky emphasized that the scaffold from which children step to higher levels of thinking is
Equation of Exchange
The equation of exchange is an economic formula relating the supply of money in an economy to the velocity of money, price level, and an index of expenditures.
Velocity of Money
The rate at which money circulates in the economy, calculated as the ratio of nominal GDP to the money supply.
Real GDP
Real Gross Domestic Product, which adjusts the total value of all produced goods and services within an economy in a year for the effects of inflation, showing the real terms of economic output.
Equation of Exchange
An economic equation that relates the quantity of money, its velocity, and the price level of goods and services to the economy's output of goods and services.
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