The name given to the macroeconomic equation MV = PQ is basic
quantity equation of money.
Here M refers to the money supply, V refers to velocity of
money, P is the inflation rate or the prices of goods and services
and Q is the quantity of goods and services.
The above quantity equation of money implies that either the
prices (P) or the quantity (Q) of goods and services can be
increased by increasing the money supply and by keeping the
velocity of money constant at the same time.