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WANT: This is often thought of as a psychological desire which makes life just a little more enjoyable, but which is not physiological necessary to life. You need oxygen, but you want a hot fudge sundae. Satisfaction is achieved by fulfilling wants.

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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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PER UNIT TAX

A tax specified as a percentage of the quantity of a good, service, asset, or other activity. Per unit taxes are often imposed on specific goods or markets. A common per unit tax is that levied on gasoline. People pay a given tax for each gallon of gasoline purchased, regardless of the price of gasoline. An alternative is an ad valorem tax, with is a tax specified as a percentage of the value or price of a good.

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[What's This?]

Today, you are likely to spend a great deal of time watching infomercials looking to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for slightly overweight pizza delivery guys.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"A ship ought not to be held by one anchor, nor life by a single hope. "

-- Epictetus, philosopher

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