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LEGAL RESERVES: The total amount of vault cash or Federal Reserve deposits of a bank. These are the only bank assets that can be used legally to satisfy reserve requirements.

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ASSUMPTION

An initial condition or statement of a model or theory that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. Other assumptions are used as control conditions that are subsequently changed to evaluate the consequences.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either storage boxes for your family photos or a large, stuffed giraffe. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"How wonderful it is that nobody need wait a single moment before starting to improve the world."

-- Anne Frank

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