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KEYNESIAN AGGREGATE SUPPLY CURVE: A modification of the standard aggregate supply curve used in the aggregate market (or AD-AD) analysis to reflect the basic assumptions of Keynesian economics. The Keynesian aggregate supply curve contains either two or three segments. The strict Keynesian aggregate supply curve contains two segments, a vertical classical range and a horizontal Keynesian range, meeting a right angle and forming a reverse L-shape. An alternative version replaces the right angle intersection with a gradual transition between the two segments that is positively sloped and termed the intermediate range. The modern aggregate supply curve is largely based on this intermediate range.

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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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MARGINAL REVENUE CURVE

A curve that graphically represents the relation between the marginal revenue received by a firm for selling its output and the quantity of output sold. A firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve. The marginal revenue curve for a firm with no market control is horizontal. The marginal revenue curve for a firm with market control is negatively sloped and lies below the average revenue curve.

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Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either an electric coffee pot with automatic shutoff or a brown leather attache case. Be on the lookout for neighborhood pets, especially belligerent parrots.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
"Being defeated is only a temporary condition; giving up is what makes it permanent."

-- Marilyn vos Savant, Author

RGDP
Real Gross Domestic Product
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