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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 original classical theory of macroeconomics and to modern variations, including rational expectations, new classical theory, and supply-side economics.

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Lesson 19: Money Creation | Unit 3: Modern Banking Page: 11 of 23

Topic: Injection <=PAGE BACK | PAGE NEXT=>

Suppose you find a $100 bill that you deposit in Amos National Bank.
  • Amos National adds $100 of vault cash, or reserves, to its assets, and $100 to its liabilities, your account.
  • Some of these reserves are required ($10) and some are excess ($90), which can be used for a loan.
  • Amos National Bank adds $90 to the customer's checking account, so the customer can buy new tires.
Two changes:
  • Amos National has a $90 loan balanced by a $90 checkable deposit.
  • Amos National Bank just created $90 of money.

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INELASTIC SUPPLY

The general elasticity relation in which relatively large changes in price cause relatively small changes in quantity supplied. Large changes in price cause relatively small changes in quantity supplied or the percentage change in quantity supplied is smaller than the percentage change in price. This characterization of elasticity is most important for the price elasticity of supply. Inelastic supply is one of two general elasticity relations for supply. The other is elastic supply.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs seeking to buy either a birthday gift for your father that doesn't look like every other birthday gift for your father or a green fountain pen. Be on the lookout for slow moving vehicles with darkened windows.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"Anyone who has never made a mistake has never tried anything new. "

-- Albert Einstein, physicist

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International Swaps and Derivatives Association
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