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BUSINESS INVENTORIES: Stocks of finished products, intermediate goods, raw materials, and other inputs that businesses have on hand. One big reason to keep inventories is to maintain a continuous stream of production by avoiding any supply shortages. Another big reason is to avoid the loss of sales because finished products are unavailable when a customer is ready, willing, and able to buy.

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Lesson 18: Banking | Unit 2: Banking Details Page: 5 of 24

Topic: Commercial Banks <=PAGE BACK | PAGE NEXT=>

The first type of financial institution is a traditional bank.

Traditional banks have a long history in the economy:

  • They were the original financial intermediaries.
  • They diverted household income into loans for business investment.
  • They offered checking accounts.

They were heavily regulated entities:

  • The big ones, the national banks, were subject to the regulations by the Federal Reserve System, the Federal Deposit Insurance, etc.
  • Other banks, more numerous, but usually smaller, were chartered and regulated by state or local agencies.

Before the 1970's:

  • Banks were the only financial intermediaries that offered checking accounts.

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MONETARY AGGREGATES

Any of three basic measures of money, and related liquid assets, for the economy that are tracked and reported by the Federal Reserve System. They are designated M1, M2, and M3, with higher numbers containing a wider variety of assets. The smallest, M1, is used as THE medium of exchange in the economy. However, M2 provides savings that are easily converted to M1 and is considered by many as the best measure of liquid, spendable assets.

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Today, you are likely to spend a great deal of time at a garage sale seeking to buy either a bottle of blackcherry flavored spring water or a travel case for you toothbrush. Be on the lookout for rusty deck screws.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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