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LEGAL RESERVES: The total amount of vault cash or Federal Reserve deposits of a bank. These are the only bank assets that can be used legally to satisfy reserve requirements.

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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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TOTAL FACTOR COST

The opportunity cost incurred when using a given factor of production to produce a good or service. This is the total cost associated with the use of a particular resource or factor of production--it is the total cost of the factor. Total factor cost is predominately used in the analysis of the factor market. Two derivative factor cost measures are average factor cost and marginal factor cost.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a wall poster commemorating the 2000 Presidential election or a rechargeable flashlight. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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