 Bismillahirrahmanirrahim we have discussed in detail measurement of money and functions of money. Now the in our sequence the next topic is money demand and in the money demand there are different theories so in that the first comes quantity theory of money. But first of all I would like to introduce the basic concept of money demand that what do we economists mean by money demand. So the basic definition of money demand is desire of people for an amount of money. So the basic definition of money demand is desire of people for an amount of money demand. So the basic definition of money demand is desire of people for an amount of money demand. So the basic definition of money demand is desire of people for an amount of money demand is desire of people for an amount of money demand. So the basic definition of money demand is desire of people for an amount of money demand. So the basic definition of money demand is desire of people for an amount of money demand. So basically money demand theory itself does not tell us that. In fact we analyze people's behavior and we find out why people hold money. That means what are the motives of money demand. And the second important issue that is discussed in money demand theory is factors affecting money demand. That means there are different variables, different factors, different reasons, what are the factors affecting money demand, what is the nature of the relationship between factors and money demand, what is the nature of the relationship between factors and money demand. Now the theories of money demand, I have already told you that the first is quantity theory of money demand, then Keynesian theory of money demand and then portfolio theory of money demand. And these are the three broader theories and they have two extensions that I will discuss in the future. So these are the total five theories. In the first lecture of the introduction, I told you about the five theories of money demand. So these are the main three and will come as two extensions. Now the first theory is evolution. That means we are coming from the old times to the new times. So this old theory is the quantity theory of money demand of the 20th century. So basically this theory started with the analysis that the aggregate income or aggregate spending which we can call GDP, how it was determined in the economy. And Fisher was an economist who started this analysis, that means he was interested in what can be the relationship between money and aggregate spending or aggregate income. So he found out this thing during the analysis and he found out the result of this analysis that the link between money and total spending or total income is established through velocity. Now I will give a whole lecture in detail on velocity. But for now we will just fit the velocity here in our equation. So the basic equation quantity theory of money is M into V is equal to P into Y. Now P price is general, Y is total economic activity. So P into Y is total spending or total nominal income or aggregate income. And the M money and V velocity whose basic definition is that one rupee or one unit of money is used in how many times of the transaction. So this total is multiplied by its velocity is equal to total spending or total income. Now initially this is an identity. The amount of money multiplied by its velocity is total income or total spending. So what is the theory in this? This is just an identity. Identity means that the relationship between which there is no behavioural relationship is by definition equal to two sides equation. So now if we want to convert this into theory then we have to add behaviour. And to add that behaviour we will focus on velocity first. Because with the determination of velocity and the analysis of velocity we can find out how the equation is converted into the quantity theory of money. Thank you.