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CHECK CLEARING: The process in which reserves or funds are transferred among banks to settle the accounts of checks written on one account and deposited into another. Check clearing is the heart and sole of daily banking activity and the final step in the use of checkable deposits as the medium of exchange for conducting transactions in the economy. Check clearing is facilitated by central clearinghouses, including the Federal Reserve System and a number of private organizations. The check clearing process is also a key component of the money creation process.

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Lesson 13: The Firm | Unit 5: The Bigger Picture Page: 22 of 24

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

Highlights of four market structures.

  • Perfect Competition
    Perfect competition is a market with a large number or relatively small firms that sell virtually identical products and that have ease of movement into and out of the market.

  • Monopoly
    Monopoly is a market with a single seller of a good with virtually no close substitutes.

  • Monopolistic Competition
    Monopolistic competition is a market with a large number or relatively small firms that sell similar but not identical products and that have ease of movement into and out of the market.

  • Oligopoly
    Oligopoly is a market with a small number or relatively large firms.

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MARGINAL FACTOR COST CURVE, MONOPSONY

A curve that graphically represents the relation between marginal factor cost incurred by a monopsony for hiring an input and the quantity of input employed. A profit-maximizing monopsony hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a monopsony with market control is positively sloped and lies above the average factor cost curve.

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Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

-- Henry David Thoreau, philosopher

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