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ALLOCATION: The process of distributing resources for the production of goods and services, and of distributing goods and services for consumption by households. This process of allocation is essential to an economy's effort to address the problem of scarcity. An allocation is efficient if the resources, goods, and services are distributed according to the economy's highest valued uses.

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Lesson 18: Banking | Unit 2: Banking Details Page: 7 of 24

Topic: Credit Unions <=PAGE BACK | PAGE NEXT=>

A third type is a credit union.

History:

  • The first credit union was created in 1909.
  • Experienced tremendous growth after WWII.
  • Primary regulator is the National Credit Union Association (NCUA).
  • Created for reasons similar to labor unions.

Credit unions:

  • Relatively small, non-profit entities, associated with a particular business or group with something in common.
  • Pool savings and make personal loans to members.

Evolution:

  • Originally offered limited banking services.
  • Began offering checking accounts in the 70's, which gave them control over part of the M1 money supply.

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SECOND RULE OF SUBJECTIVITY

The second of seven basic rules of the economy, stating that market prices are determined by subjective values and the preferences of buyers and resource owners. Contrary to popular opinion, prices and costs are not immutably facts of nature, but are ultimately based on what people are willing to pay or accept.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a how-to book on fine dining or a coffee cup commemorating the first day of winter. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?

Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
"Wherever you go, no matter what the weather, always bring your own sunshine."

-- Anthony J. D'Angelo

AFEA
American Farm Economic Association
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