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October 18, 2018 

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UNEMPLOYMENT: The general condition in which resources are willing and able to produce goods and services but are not engaged in productive activities. While unemployment is most commonly thought of in terms of labor, any of the other factors of production (capital, land, and entrepreneurship) can be unemployed as well. The analysis of unemployment, especially labor unemployment, goes hand-in-hand with the study of macroeconomics that emerged from the Great Depression of the 1930s.

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Lesson 18: Banking | Unit 3: Reserve Banking Page: 17 of 24

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  • The concept of fractional-reserve banking, which implies that deposits are used for loans and that banks must keep reserves to back deposits.
  • The three types of reserves:
    • Legal reserves, which are vault cash and deposits with the Federal Reserve.
    • Required reserves, which are the vault cash and deposits with the Federal Reserve that regulators say a bank must keep for daily transactions.
    • Excess reserves, which are any legal reserves over and above required reserves.
  • That banking sort of evolved from the goldsmithing profession.
  • How Fred stumbled upon the depository function of modern banks.
  • How Fred discovered the lending function of modern banks.
  • How Fred discovered modern fractional-reserve banking.

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TAX EQUITY

The notion that taxes are imposed on society in a fair and equitable way. The two standards of fairness and equity used to evaluate taxes are the benefit principle -- those who benefit from government pay the taxes, and the ability-to-pay principle -- those with the most income pay the taxes. The ability-to-pay principle gives rise to two additional notions of fairness -- horizontal equity (those with equal incomes pay equal taxes) and vertical equity (those with different incomes pay different taxes).

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APLS

GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time watching infomercials trying to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"Executives who get there and stay suggest solutions when they present the problems. "

-- Malcolm Forbes, business executive

AR(N)
A nth-order Autoregressive Process
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