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DEPOSIT: A bank account maintained by a bank on behalf of a customer. In a fractional-reserve banking system, one of the primary functions of a bank is to keep customer deposits safe. Banks offer a wide range of deposits, including checkable (or transactions) deposits, savings deposits, certificates of deposit, and money market accounts. Such deposits represent a sizable portion of the M1 money supply and as well as broader monetary aggregates -- M2 and M3. They also constitute the bulk of the liabilities of a typically bank.

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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP Page: 13 of 25

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In this unit, you should have learned something about:
  1. Measuring economic production using market transactions.
  2. Market transactions of past and future production that are NOT economic production and are excluded from GDP.
  3. Economic production of in-kind activities that do NOT involve market transactions but are included in GDP.
  4. Economic production of home production that do NOT involve market transactions and are excluded from GDP.
  5. Economic production of illegal activities that do involve market transactions but are excluded from GDP.


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MARGINAL FACTOR COST, PERFECT COMPETITION

The change in total factor cost resulting from a change in the quantity of factor input employed by a perfectly competitive firm. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.

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APLS

PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for high interest rates.
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This isn't me! What am I?

Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"Whatever course you decide upon, there is always someone to tell you that you are wrong. There are always difficulties arising which tempt you to believe that your critics are right. To map out a course of action and follow it to an end requires...courage."

-- Ralph Waldo Emerson

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