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SCAB: Someone who starts working or continues to work for a firm while a labor union is engaged in a strike of the firm. Scab is common term used by union members for the more polite name strikebreaker. Striking union members are more inclined to use even more derogatory terms. Such workers are used by employers to force union members to stop their strike and return to work. While strikers don't like it, labor laws guarantee that nonstriking workers can cross the picket line and go to work.

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Lesson 18: Banking | Unit 3: Reserve Banking Page: 15 of 24

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

The story continues when Elizabeth the Innkeeper needs to expand her business and ask Fred for a loan.

The story:

  • Elizabeth's business is booming, but she is temporarily short of money, short of gold.
  • She asks Fred for a loan of gold that belongs to Bill the Knight that Fred keeps on his safe.
  • Elizabeth is willing to pay Fred a sizable fee for taking the risk of making this loan.
  • Fred makes the loan.
  • Elizabeth expands her inn, she repays the loan on schedule with interest with profit from business.
  • Bill collects his gold upon returning.
  • Other local merchants soon seek interest lending services from Fred.

Fred has discovered the lending function of modern banks.


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MARGINAL PROPENSITY TO CONSUME

The proportion of each additional dollar of household income that is used for consumption expenditures. The marginal propensity to consume (abbreviated MPC) is another term for the slope of the consumption line and is calculated as the change in consumption divided by the change in income. The MPC plays a central role in Keynesian economics. It quantifies the consumption-income relation and the fundamental psychological law. It is also a foundation for the slope of the aggregate expenditures line and is critical to the multiplier process. A related consumption measure is the average propensity to consume.

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BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either handcrafted decorations to hang on your walls or throw pillows for your bed. Be on the lookout for infected paper cuts.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"A ship ought not to be held by one anchor, nor life by a single hope. "

-- Epictetus, philosopher

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