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October 18, 2018 

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TIE-IN SALE: A type of sale in which consumers can buy one good only if they purchase another good as well. For example, if your grocery store sells you a bag of tea with the condition that you buy a pound of sugar, that would be a tie-in sale. Because they allow a monopoly to increase its profit over what it could make by selling the two goods separately at constant prices, tie-in sales can be used to price discriminate. However, it is important to realize that there are other reasons for tie-in sales other than price discrimination, such as to increase efficiency. For example, when we buy a car, it comes as a package of several goods (tires, engine, etc), which would be very difficult (and inefficient) for consumers to assemble if they were bought separately.

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Lesson 19: Money Creation | Unit 2: Fred Returns Page: 5 of 23

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Let's do a review of our story of Fred the Goldsmith.
  • Fred the Goldsmith, has developed several modern banking functions.
  • Gold, his raw material, is also the economy's medium of exchange, so he has found the SAFEKEEPING function.
  • Requests to store extra gold owned by Bill the Knight and others is the DEPOSITORY function of modern banks.
  • Requests to borrow gold by Elizabeth the Innkeeper, has led to the LENDING function of modern banks.
  • The need to keep some of the gold deposited, but not all of it, has led to the modern banking function of backing deposits with reserves, FRACTIONAL-RESERVE banking.

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MARKET DEMAND

The combined demand of everyone willing and able to buy a good in a market. Market demand is one half of the market. The other is market supply. It is graphically represented by a negatively-sloped market demand curve, which can be derived by combining, or adding, the individual demands of every buyer in the market.

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Today, you are likely to spend a great deal of time wandering around the downtown area seeking to buy either any book written by Stephan King or a T-shirt commemorating next Thursday. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
"Executives who get there and stay suggest solutions when they present the problems. "

-- Malcolm Forbes, business executive

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