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BANKING: The industry consisting of financial intermediaries that maintain deposits (that is, the industry of banks). Banking is one of several financial industries, with insurance and stock trading two other notable examples. Firms that comprise the banking industry are traditional banks, savings and loan associations, credit unions, and mutual savings banks. Banking in modern economies is generally fractional-reserve banking, with banks acting as financial intermediaries and safekeepers of deposits.

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Lesson 14: Aggregate Supply | Unit 1: The Concept Page: 3 of 20

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  • Aggregate supply as one side of the aggregate market (the AD/AS model) that's used to analyze macroeconomic problems such as recessions, unemployment, and inflation, that might plague our economy.
  • How aggregate supply is the combined production of goods and services coming from our factors of production.
  • A few thoughts on the price level and it's role in the supply of aggregate real production.

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RELATIVELY INELASTIC

An elasticity alternative in which relatively large changes in one variable (usually price) cause relatively small changes in another variable (usually quantity). In other words, quantity is not very responsive to price. Quantity does change, but not much, in response to large changes in price. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Relatively inelastic is one of five elasticity alternatives. The other four are perfectly elastic, perfectly inelastic, relatively elastic, and unit elastic.

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BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time searching the newspaper want ads hoping to buy either a blue mechanical pencil or super soft, super cuddly, stuffed animals. Be on the lookout for telephone calls from long-lost relatives.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
"When we do the best we can, we never know what miracle is wrought in our life or in the life of another. "

-- Helen Keller, lecturer, author

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