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April 25, 2018 

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PERFECT COMPETITION, PROFIT MAXIMIZATION: A perfectly competitive firm is presumed to produce the quantity of output that maximizes economic profit--the difference between total revenue and total cost. This production decision can be analyzed directly with economic profit, by identifying the greatest difference between total revenue and total cost, or by the equality between marginal revenue and marginal cost.

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Lesson 18: Banking | Unit 3: Reserve Banking Page: 14 of 24

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

The story continues when Bill the Knight needs to store some gold for a short time.

The story:

  • Bill has some gold he would like to store in Fred's safe.
  • Fred agrees and charges Bill for this storage service.
  • When Bill returns from his journey he retrieves his gold, less a modest service charge.
  • Bill informs other knights about this service and they also begin taking advantage of Fred's storage service.
  • Fred realizes that storing gold is an easy way to earn a living.

Fred has stumbled upon the depository function of modern banks.


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DOUBLE COINCIDENCE OF WANTS

The requirements of a barter exchange that each trader has want the other wants and wants what the other has. Because everyone does not necessarily want everything, the lack of double coincidence of wants is a major obstacle in barter exchanges, especially for complex, modern economies like that fond in the United States. While double coincidence of wants is also essential for exchanges involving money, it is such an inherent trait of money that it is not a problem. By its very nature as a generally accepted medium of exchange, everyone WANTS money.

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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?

Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

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Increasing Absolute Risk Aversion
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