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 MAJORITY RULE: A voting rule in which decisions are made based on the majority of those casting a vote. That is, the candidate or program receiving the majority of the votes is the winner. The majority is defined as one vote more than fifty percent of the total number of votes cast. If 100 votes are cast, the majority is 51 votes. If 100 million votes are cast, the majority is 50 million and one (50,000,001). This is perhaps the most common of several voting rules. Others include super majority, unanimity, and plurality.
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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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MARGINAL PHYSICAL PRODUCT

The change in the quantity of total physical product resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal physical product, usually abbreviated MPP, is found by dividing the change in total physical product by the change in the variable input. Marginal physical product, which more often goes by the name marginal product (MP), is one of two measures derived from total physical product. The other is average physical product.

 BROWN PRAGMATOX[What's This?] Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for cardboard boxes.Your Complete Scope
 Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
 "It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."-- Elizabeth Stuart Phelps, Writer
 JEJournal of Econometrics
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