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January 19, 2019 

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BUSINESS CYCLE PHASES: The recurring, but irregular, pattern of business cycles can be divided into two basic phases -- expansion and contraction. An expansion is a period of increasing economic activity and a contraction is a period of declining economic activity. These two phases are marked by two transitions. The transition from expansion to contraction is termed a peak and the transition from contraction to expansion is termed a trough. The early portion of an expansion is often referred to as a recovery.

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Lesson 19: Money Creation | Unit 3: Modern Banking Page: 15 of 23

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  • That modern banks practice fractional-reserve banking, which is the key to money creation.
  • That any reserves over those required to meet a given percentage are called excess reserves, which are used by banks to make loans, increase checkable deposits, and create money.
  • That when a bank receives a deposit, two things happen: the bank adds to vault cash, or reserves, and it adds to its liabilities, the customer's account.
  • That when a check is cleared reserves are transferred from one bank to another.
  • That when banks makes loans, they create deposits, and create money.
  • That the amount of checkable deposits created is a multiple of the amount of excess reserves obtained by the banking system.

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SECOND-DEGREE PRICE DISCRIMINATION

A form of price discrimination in which a seller charges different prices for different quantities of a good. This also goes by the name block pricing. Second-degree price discrimination is possible because decidedly different quantities are purchased by different types of buyers with different demand elasticities. This is one of three price discrimination degrees. The others are first-degree price discrimination and third-degree price discrimination.

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BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time strolling through a department store trying to buy either software that won't crash your computer or any book written by Stephan King. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?

Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"You are never given a dream without also being given the power to make it true."

-- Richard Bach, Author

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American Assocation of Commodity Traders
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