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RESOURCES: The labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Land provides the basic raw materials--vegetation, animals, minerals, fossil fuels--that are inputs into the production of goods (natural resources). Labor is the resource that does the "hands on" work of transforming raw materials into goods. Capital is the comprehensive term for the vast array of tools, equipment, buildings, and vehicles used in production. Entrepreneurship is the resource that undertakes the risk of bringing the other resources together and initiating the production process.

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Lesson 19: Money Creation | Unit 3: Modern Banking Page: 13 of 23

Topic: Yet Another Bank <=PAGE BACK | PAGE NEXT=>

  • A purchase is made with a check written on Bob's State Bank, which is deposited in Charley's Credit Union.
  • Charley's Credit Union adds $81 worth of liabilities to the store's account.
  • This liability is balanced with reserves transferred from Bob's Bank.
  • Bob's Bank losses $81 and Charley's Credit Union gains $81 of reserves.
  • Bob's Bank ends up with $9 of reserves and an $81 loan.
  • Charley's Credit Union has $81 in reserves. It keeps 10% ($8.10), giving it $71.90 of excess reserves.
  • Charley's Credit Union makes a $71.90 loan to a customer.
  • This creates $71.90 of money. The three banks have created $242.90 worth of money.

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AVERAGE TOTAL COST

Total cost per unit of output, found by dividing total cost by the quantity of output. When compared with price (per unit revenue), average total cost (ATC) indicates the per unit profitability of a profit-maximizing firm. Average total cost is one of three average cost concepts important to short-run production analysis. The other two are average fixed cost and average variable cost. A related concept is marginal cost.

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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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