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LOAN LOSS RESERVES: A special account set aside by banks acting as a buffer between deposits and net worth that's used in case a loan is not repaid. Without this reserve, an unpaid loan on the asset side of a bank's balance sheet would require an adjustment of deposits or net worth on the liability side. The loan loss reserve is used for this adjustment.
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INFERIOR GOOD A good for which a change in income causes an opposite change in demand. That is, an increase in income causes a decrease in demand and a decrease in income causes an increase in demand. The income elasticity of demand for an inferior good is negative. An inferior good is one of two alternatives falling within the buyers' income demand determinant. The other is a normal good.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"Follow effective action with quiet reflection. From the quiet reflection will come even more effective action. " -- Peter F. Drucker, author
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LTFV
Less Than Fair Value
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