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REAL GROSS DOMESTIC PRODUCT: The total market value, measured in constant prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. The key is that real gross domestic product is measured in constant prices, the prices for a specific base year. Real gross domestic product, also termed constant gross domestic product, adjusts gross domestic product for inflation. You might want to compare real gross domestic product with the related term nominal gross domestic product.

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Lesson 18: Banking | Unit 1: What It Is Page: 3 of 24

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  • The primary financial intermediary task of banks is to match up borrowers and savers.
  • Two main functions of banks: Maintaining deposits for costumers and offering loans to credit-worthy customers.
  • That banks perform a 'financial' intermediary function, that is, divert household income away from consumption expenditures and to investment.
  • The importance of banks maintaining checking accounts, which are about 60% of the money supply.

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BALANCE ON SERVICES

A subset of the balance of payments current account that records the difference between the payments received for exports of services to other nations and the payments made for the imports of services from other nations. The flow of payments is for intangible services, not for physical or tangible goods. The balance on services is thus appropriately divided into services exported and services imported. Two other subsets of the current account include the balance on merchandise trade and unilateral transfers. The commonly termed balance of trade is the sum of the balance on merchandise trade and the balance on services.

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Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a tall storage cabinet with five shelves and a secure lock or a birthday greeting card for your grandmother. Be on the lookout for poorly written technical manuals.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"Act well at the moment, and you have performed a good action for all eternity."

-- Johann Kaspar Lavater

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