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CARDINAL UTILITY: A measure of utility, or satisfaction derived from the consumption of goods and services, that can be measured using an absolute scale. Cardinal utility exists if the utility derived from consumption is measurable in the same way that other physical characteristics--height and weight--are measured using a scale that is comparable between people. There is little or no evidence to suggest that such measurement is possible and is not even needed for modern consumer demand theory and indifference curve analysis. Cardinal utility, however, is often employed as a convenient teaching device for discussing such concepts as marginal utility and utility maximization.

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Lesson 19: Money Creation | Unit 2: Fred Returns Page: 9 of 23

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  • Reviewing Fred the Goldsmith, that Fred has developed several modern banking functions: safekeeping, depository, lending and fractional-reserve banking functions.
  • Fred's system of tracking gold flows by issuing receipts for each deposit.
  • The three main features of Fred's system:
    • Knights need not withdraw the same gold deposited.
    • Fred need not personally know each knight requesting services.
    • These gold receipts are as good as gold and become money.
  • Two options Fred has to make a loan:
    • Loan some gold from the safe which could be deposited back in return for receipts.
    • To loan the receipts directly.
  • The importance of fractional-reserve banking and Fred's ability to create money that is used for investment and economic growth.

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BALANCE ON SERVICES

A subset of the balance of payments current account that records the difference between the payments received for exports of services to other nations and the payments made for the imports of services from other nations. The flow of payments is for intangible services, not for physical or tangible goods. The balance on services is thus appropriately divided into services exported and services imported. Two other subsets of the current account include the balance on merchandise trade and unilateral transfers. The commonly termed balance of trade is the sum of the balance on merchandise trade and the balance on services.

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