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In monetary economics, the equation of exchange is the relation: where, for a given period, is the total money supply in circulation on average in an economy. is the velocity of money, that is the average frequency with which a unit of money is spent. is the price level. is an index of real expenditures (on newly produced goods and services). In earlier analysis before the wide availability of the national income and product accounts, the equation of exchange was more frequently expressed in transactions form: where