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TRANSPORTABLITY: One of four characteristics that enables an asset to better function as money. The other three are durability, divisibility, and non-counterfeitability. This characteristic means that the item used as money can be easily moved from one location to another, which is extremely useful because markets tend to be scattered all over the place. It really helps if buyers can transport their money to the points of purchase. An item could not be effectively used as a medium of exchange if it were not easily transportable.

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Lesson 18: Banking | Unit 3: Reserve Banking Page: 13 of 24

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

Banking sort of evolved from the goldsmithing profession.

Setting the stage of the story:

  • It takes place at a time and a place when gold is the economy's commodity money: Medieval Europe.
  • Fred is a goldsmith, a craftsman who fashions products from gold.

Fred:

  • Fred's raw material is also the economy's money.
  • Gold input is valuable in use for what Fred creates and also valuable as the medium of exchange.
  • Fred must keep his raw material safe and secure.
  • Fred has a safe.

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DISEQUILIBRIUM, SHORT-RUN AGGREGATE MARKET

The state of the short-run aggregate market in which aggregate expenditures are NOT equal to real production, which result in imbalances that induce changes in the price level, aggregate expenditures, and real production. In other words, the opposing forces of aggregate demand (the buyers) and short-run aggregate supply (the sellers) are out of balance. At the existing price level, either the four macroeconomic sectors (household, business, government, and foreign) are unable to purchase all of the real production that they seek or producers are unable to sell all of the real production that they have.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a decorative windchime with plastic or a flower arrangement for that special day for your mother. Be on the lookout for gnomes hiding in cypress trees.
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In the early 1900s around 300 automobile companies operated in the United States.
"A ship ought not to be held by one anchor, nor life by a single hope. "

-- Epictetus, philosopher

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