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HOARDING: The act of accumulating assets, especially goods or money, over and above that needed for immediate use based on the fear or expectation of future shortages and higher prices. For example, concerns about a worldwide shortage of sugar and chocolate might prompt a consumer to purchase several hundred boxes of candy, which are stored in a wine cellar. Alternatively, someone fearing a global collapse of the financial system might be inclined to pack pillow cases with bundles of cash or stockpile gold bullion in the closet. Such hoarding, if widely practiced, can actually contribute to the anticipated shortage and higher prices.

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Lesson 17: Money | Unit 3: Monetary Aggregates Page: 15 of 25

Topic: L <=PAGE BACK | PAGE NEXT=>

L is the economy's total financial assets that can be converted to M1.
  • L stands for liquid assets.
  • Total L is over six trillion dollars.

We get to L by adding liquid assets to M3:

  • Commercial paper
  • U.S. Treasury Bills
  • Saving Bonds
  • Banker's acceptances
  • These big-time assets can be converted to M1 in short order, with little loss of value.
  • However, these assets aren't as easily converted to M1 as the near monies added to M2 and M3.

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INELASTIC SUPPLY

The general elasticity relation in which relatively large changes in price cause relatively small changes in quantity supplied. Large changes in price cause relatively small changes in quantity supplied or the percentage change in quantity supplied is smaller than the percentage change in price. This characterization of elasticity is most important for the price elasticity of supply. Inelastic supply is one of two general elasticity relations for supply. The other is elastic supply.

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APLS

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[What's This?]

Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for infected paper cuts.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

TVC
Total Variable Cost
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