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MASS PRODUCTION: The production of large quantities of virtually identical goods using large scale operations. Such production typically makes use of large factories that benefit from economies of scale. The "mass" aspect of mass production indicates: (1) that large quantities, or masses, of goods are produced and (2) that these goods are being purchased or consumed by the majority of the population, or large masses of people. Mass production is largely a consequence of the industrial revolution, which moved society from a rural-based population engaged in agrarian production to an urban-based population engaged in factory production.
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CHECKABLE DEPOSITS Checking account deposits maintained by traditional commercial banks and depository thrift institutions (savings and loan associations, credit unions, and mutual savings banks) that are generally accepted in payment in exchange for goods and services. These accounts, also termed transactions deposits, make it possible for customers transfer funds easily and quickly to another, which makes them ideally suited for use as money. Checkable deposits are approximately one-half of the official M1 monetary aggregate tracked by the Federal Reserve System. The other half is currency (paper bills and metal coins).
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction looking to buy either any book written by Stephan King or a T-shirt commemorating next Thursday. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Don't waste your effort on a thing that results in a petty triumph unless you are satisfied with a life of petty issues. " -- John D. Rockefeller, industrialist
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FASB
Financial Accounting Standards Board
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