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ACCESSIBILITY: The location of economic activity (especially in terms of land) relative to other activities. As real estate agents are prone to say, "The three most important factors in real estate are 'location, location, location.'" Accessibility determines how easy or difficult (read this as costly) it is to allocate good, services, and resources. Transportation is a key factor in accessibility. Efficient, low cost transportation systems improve accessibility.

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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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PROCESS INNOVATION

An innovation that is an improvement in an existing product, technology, or idea or an improvement in the way a product, technology, or idea is produced. The contrast is with a product innovation, which is an innovation of a new product, technology, or idea that generates a beneficial improvement in society and the economy; one that is fundamentally different from existing products, technologies, or ideas.

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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either a flower arrangement for your aunt or a birthday greeting card for your uncle. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?

The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
"When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, I used everything you gave me."

-- Erma Bombeck, writer

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