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April 26, 2018 

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WELFARE ECONOMICS: A branch of economics that studies efficiency and the overall well-being of society based on alternative allocations of scarce resources. Welfare economics extends the microeconomic analysis of indifference curves to society as a whole. It is concerned with broad efficiency questions and criteria (Pareto efficiency and Kaldor-Hicks efficiency) as well as more specific efficiency issues (market failures, externalities, public goods).

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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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DEMAND ELASTICITY AND TOTAL EXPENDITURE

The notion that price-induced changes in total expenditure (price times quantity) depend on the relative price elasticity of demand. If demand is relatively elastic, then changes in price cause total expenditure to change in the opposite direction. If demand is relatively inelastic, then changes in price cause total expenditure to change in the same direction. If demand is unit elastic, then changes in price do not cause any change in total expenditure.

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Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for high interest rates.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. "

-- Steve Jobs, Apple Computer founder

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