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October 17, 2018 

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ANTITRUST LAWS: A series of laws passed by the U. S. government that tries to maintain competition and prevent businesses from getting a monopoly or otherwise obtaining and exerting market control. The first of these, the Sherman Antitrust Act, was passed in 1890. Two others, the Clayton Act and the Federal Trade Commission Act, were enacted in 1914. These laws impose all sorts of restrictions on business ownership, control, mergers, pricing, and how businesses go about competing (or cooperating) with each other.

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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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OLIGOPOLY, REALISM

Real world markets are heavily populated by oligopoly. About half of all output produced in the U.S. economy each year is done so by oligopoly firms. Other industrialized nations can make a similar claim. Oligopoly markets arise in a wide assortment different industries, ranging from manufacturing to retail trade to resource extraction to financial services.

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Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either a remote controlled ceiling fan or a how-to book on home decorating. Be on the lookout for celebrities who speak directly to you through your television.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
"Do what you feel in your heart to be right for you'll be criticized anyway. You'll be damned if you do and damned if you don't. "

-- Eleanor Roosevelt, first lady

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