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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 10: Utility and Demand | Unit 5: Beyond Demand Page: 20 of 21

Topic: Market Supply <=PAGE BACK | PAGE NEXT=>

  • For me to buy a good, someone must be selling.

  • Here's a quick comparison of the demand and supply decisions.

    • Consumers generate utility by consuming goods. Producers generate profit by producing goods.
    • Consumers seek to maximize utility. Producers seek to maximize profit.
    • Consumers make decisions based on marginal utility. Producers make decisions based on marginal product.
    • Consumption decisions are guided by the law of diminishing marginal utility. Production decisions are guided by the law of diminishing marginal returns.
    • Consumers buy more at lower prices because marginal utility is less. Producers sell more at higher prices because marginal product is less.
    • Consumers make decisions that marginal benefits with marginal costs. Producers make decisions that balance marginal benefits with marginal costs.

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FEDERAL RESERVE SYSTEM

The central banking authority of the United States that is charged with conducting monetary policy and regulating the commercial banking system. It includes a Board of Governors, 12 District Banks, 25 Branch Banks, and assorted committees. The most important of these committees is the Federal Open Market Committee, which directs monetary policy. The Fed (as many like to call it) was established in 1913 and modified significantly during the Great Depression of the 1930s. Its duties are to maintain the stability of the banking system, regulate banks, and oversee the nation's money supply. The Chairman of the Federal Reserve System is one of the most important and powerful positions in the economy.

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APLS

RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a rechargeable battery for your cell phone. Be on the lookout for door-to-door salesmen.
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A half gallon milk jug holds about $50 in pennies.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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Aggregate Supply
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