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SAY'S LAW: A classical economic proposition stating that the production of aggregate output creates sufficient aggregate demand to purchase all of the output produced. In other words, supply creates its own demand. This is one of the three assumptions underlying the macroeconomic theory of classical economics which concluded that unrestricted market activity would generate full employment. The other two assumptions are flexible prices and saving-investment equality. Say's law is closely associated with the circular flow model.

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Lesson 18: Banking | Unit 2: Banking Details Page: 10 of 24

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  • The four types of financial institutions: banks, savings and loans associations, credit unions, and mutual savings banks.
  • That banks were once the only financial intermediaries that offered checking accounts, but that all four types of banks now offering checking accounts.
  • That a balance sheet is the record of a bank's assets and liabilities, which contains two parts: (1) Assets, and (2) Liabilities and Net Worth.

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INDETERMINANT

The directional change in a variable, resulting from the disruption of an equilibrium that is identified using comparative statics, is not known. This term is commonly used to indicate that the change in either price or quantity is unknown when the market experiences simultaneous shifts in both the demand and supply curves. For example, an increase in both demand and supply definitely cause an increase in the quantity exchanged. But whether the market price increases or decreases is indeterminant.

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Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for broken fingernail clippers.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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-- Sven Goran Eriksson, writer

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