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LAND: One of four basic categories of resources, or factors of production (the other three are labor, capital, and entrepreneurship). This category includes the natural resources used to produce goods and services, including the land itself; the minerals and nutrients in the ground; the water, wildlife, and vegetation on the surface; and the air above.

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Lesson 18: Banking | Unit 4: Regulating Banks Page: 18 of 24

Topic: Why? <=PAGE BACK | PAGE NEXT=>

Banking is a heavily regulated industry.

Reasons:

  • First: Banks have the temptation to go for large profits at the expense of protecting deposits.
  • Second: The economy's health rests with having the 'correct' money supply.

The problems:

  • Banks get carried away seeking profits without having enough deposit-protecting reserves.
  • Customers can't withdraw deposits and lose trust.
  • Banks shut down, remaining bank deposits become worthless, and the money supply shrinks.
  • The economy heads into a recession.

Important points:

  • A failed bank is bad for the economy.
  • Government can control the checking account part of money only by controlling and regulating banks.

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MARGINAL PRODUCT CURVE

A curve that graphically illustrates the relation between marginal product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in output at each level of a variable input. The marginal product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and average product curve. The marginal product curve plays in key role in the economic analysis of short-run production by a firm.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for broken fingernail clippers.
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