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SAVINGS ACCOUNTS: Accounts maintained by banks, savings and loan associations, credit unions, and mutual savings banks that pay interest but can not be used directly as money. These accounts, also termed transactions deposits, let customers set aside a portion of their liquid assets that COULD be used to make purchases. But to make those purchases, savings account balances must be transferred to checkable deposits or currency. However, this transference is easy enough that savings accounts are often termed near money. Savings accounts, as such constitute a sizeable portion of the M2 monetary aggregate.

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Lesson 6: Supply | Unit 1: Selling Basics Page: 4 of 19

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  • Supply as the range of prices and quantities that sellers are willing and able to sell at different prices.
  • Why sellers must be both willing and able to sell a good to have a supply. While willingness can influence some supply, ability, which is based on production cost, is more important.
  • Why supply includes a range of prices and quantities, not just a specific quantity.
  • Why supply is analyzed during a given time period.
  • That supply price as the minimum price sellers would be willing and able to accept for a given quantity.
  • That quantity supplied is the specific quantity sellers would be willing and able to sell at a specific price.


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MARGINAL PRODUCT CURVE

A curve that graphically illustrates the relation between marginal product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in output at each level of a variable input. The marginal product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and average product curve. The marginal product curve plays in key role in the economic analysis of short-run production by a firm.

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Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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