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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: 9 of 24

Topic: Balance Sheet <=PAGE BACK | PAGE NEXT=>

A balance sheet is the record of a bank's assets and liabilities.

Two parts:

  • Assets
  • Liabilities and Net Worth

As a balance sheet, both parts are equal, they balance.

Concepts:

  • Assets: What the bank owns.
  • Liabilities: What the bank owes.
  • Net worth: The difference between assets and liabilities.

The sum of liabilities and net worth must equals assets.

  • Banks don't make adjustments with real production.
  • These financial entries in the balance sheet are the bank's production.

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CHECKABLE DEPOSITS

Checking account deposits maintained by traditional commercial banks and depository thrift institutions (savings and loan associations, credit unions, and mutual savings banks) that are generally accepted in payment in exchange for goods and services. These accounts, also termed transactions deposits, make it possible for customers transfer funds easily and quickly to another, which makes them ideally suited for use as money. Checkable deposits are approximately one-half of the official M1 monetary aggregate tracked by the Federal Reserve System. The other half is currency (paper bills and metal coins).

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Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for letters from the Internal Revenue Service.
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Lombard Street is London's equivalent of New York's Wall Street.
"The time to repair the roof is when the sun is shining."

-- John F. Kennedy, 35th U. S. president

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