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MARGINAL FACTOR COST: The change in total factor cost resulting from a change in the quantity of factor input, found by dividing the change in total factor cost by the change in quantity of factor input. Marginal factor cost, abbreviated MFC, indicates how a firm's total factor cost is affected by hiring one more or one fewer worker. Two related concepts are total factor cost and average factor cost.

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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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FLEXIBLE PRICES

The proposition that prices adjust in the long run in response to market shortages or surpluses. This condition is most important for long-run macroeconomic activity and long-run aggregate market analysis. In particular, flexible prices are the key reason for the vertical slope of the long-run aggregate supply curve. This proposition is also central to the original classical theory of macroeconomics and to modern variations, including rational expectations, new classical theory, and supply-side economics.

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Today, you are likely to spend a great deal of time at a flea market wanting to buy either a case for your designer sunglasses or arch supports for your shoes. Be on the lookout for crowded shopping malls.
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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.
"A ship ought not to be held by one anchor, nor life by a single hope. "

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