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TOTAL PRODUCT: The total quantity of output produced by a firm for a given quantity of inputs. Total product is the foundation upon which the analysis of short-run production for a firm is analyzed. The usual framework is to analyze total product when in a variable input (labor) changes, for a given amount of a fixed input (capital). Two related concepts derived from total product are average product and marginal product.

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Lesson 18: Banking | Unit 1: What It Is Page: 2 of 24

Topic: Intermediary <=PAGE BACK | PAGE NEXT=>

There are several types of financial intermediaries.

Note that:

  • Intermediaries bring together buyers and sellers.
  • Buyers and sellers often need an intermediary.
  • Banks perform a 'financial' intermediary function.
  • By maintaining financial deposits and making financial loans, banks navigate the financial side of the economy.

Other types of financial intermediaries include:

  • Insurance agencies, stock brokers, finance companies, mutual funds, and bond traders.

Their function:

  • All these entities divert household income away from consumption expenditures to investment.
  • Banks are important because they maintain checking accounts that are about 60% of the money supply.

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OLIGOPOLY, BEHAVIOR

Oligopolistic industries share several behavioral tendencies, including: (1) interdependence, (2) rigid prices, (3) nonprice competition, (4) mergers, and (5) collusion. In other words, each oligopolistic firm keeps a close eye on the decisions made by other firms in the industry (interdependence), are reluctant to change prices (rigid prices), but instead try to attract customers from the competition using incentives other than prices (nonprice competition), and when they get tired of competing with their competitors they are inclined to cooperate formally and legally (mergers) or informally and illegally (collusion).

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for the last item on a shelf.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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