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FOREIGN EXCHANGE: Any financial instrument that gives one country a claim on the currency of another country and which is used to make payments between countries. The most important type of foreign exchange is currency itself, that is, the currency of other countries. However foreign exchange also includes things like bank checks and "bills of exchange" (a sort of contract that's paid for with the currency of one nation that can be then traded for the currency of another country).

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Lesson 18: Banking | Unit 3: Reserve Banking Page: 12 of 24

Topic: Legal, Required, and Excess Reserves <=PAGE BACK | PAGE NEXT=>

1. Legal reserves:

  • Vault cash and deposits with the Federal Reserve that can be used to satisfy the legal reserve requirements and are needed for daily operations.

2. Required reserves:

  • The vault cash and deposits with the Federal Reserve that they have to keep to back deposits.

3. Excess reserves:

  • Any reserves over and above required reserves.
  • Excess reserves don't add to revenue and profit.

Two uses of excess reserves:

  • First: banks use them for loans.
  • Second: banks use them for investment securities.

Important point:

  • Controlling excess reserves is key to controlling the nation's money supply.

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PART-TIME WORKERS

People who are willing and able to work full-time (over 35 hours per week), but are forced to work less because employers do not need their productive efforts. While part-time workers officially have jobs, and are officially included in the "employed" category when the official unemployment rate is calculated, their labor resources are really only partially unemployed. A person working 20 hours a week, who is willing and able to work 40 hours a week, really should be considered as "half employed."

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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 rechargeable battery for your camera or a coffee cup commemorating the first day of spring. Be on the lookout for poorly written technical manuals.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
"Now is the only time there is. Make your now wow, your minutes miracles, and your days pay. Your life will have been magnificently lived and invested, and when you die you will have made a difference."

-- Mark Victor Hansen

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