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IBT: The abbreviation for indirect business taxes, which is the official entry in the National Income and Product Accounts maintained by the Bureau of Economic Analysis for sales taxes. Indirect business taxes are one key difference between national income (the resource cost of production) and gross/net domestic product (the market value of production). For further discussion of this point, see gross domestic product and national income or net domestic product and national income. Indirect business taxes is generally less than 10% of gross domestic product (7-8% is common).

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Lesson 18: Banking | Unit 4: Regulating Banks Page: 19 of 24

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Several institutions which regulate banks.

The main players:

  • Federal Reserve System (Fed): They have primary responsibility of the nation's money supply by controlling banking reserves.
  • Federal Deposit Insurance Corporation (FDIC): Their mission is to insure bank deposits. If a bank can't satisfy customer withdrawals the FDIC pays off the customers.
  • Comptroller of the Currency: They charter national banks, they decide which ones qualify for a national charter.

Other regulatory agencies:

  • State banking regulatory agencies.

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SECOND RULE OF SUBJECTIVITY

The second of seven basic rules of the economy, stating that market prices are determined by subjective values and the preferences of buyers and resource owners. Contrary to popular opinion, prices and costs are not immutably facts of nature, but are ultimately based on what people are willing to pay or accept.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time at a going out of business sale wanting to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?

The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"The greatest barrier to success is the fear of failure."

-- Sven Goran Eriksson, writer

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