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LOAN LOSS RESERVES: A special account set aside by banks acting as a buffer between deposits and net worth that's used in case a loan is not repaid. Without this reserve, an unpaid loan on the asset side of a bank's balance sheet would require an adjustment of deposits or net worth on the liability side. The loan loss reserve is used for this adjustment.

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Lesson 21: Factor Demand | Unit 3: The Curve Page: 14 of 24

Topic: The Hiring Decision <=PAGE BACK | PAGE NEXT=>

  • The number of workers the firm is willing to hire for production depends on the marginal revenue product of the workers.

  • In particular, the firm compares the wage or price paid each worker with the marginal revenue product generated by the worker.

  • It will seek to employ workers up to the quantity in which marginal revenue product is at least as much as the wage.

  • The story seems quite clear: If the wage the firm pays workers is $20 per hour, then it will hire only 6 employees.

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BALANCE ON MERCHANDISE TRADE

A subset of the balance of payments current account that records the difference between the payments received for exports of goods to other nations and the payments made for the imports of goods from other nations. The goods included are physical or tangible goods, but not intangible services. The balance on merchandise trade is thus appropriately divided into merchandise exported and merchandise imported. Two other subsets of the current account include the balance on services 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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Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a remote controlled train set or a genuine down-filled snow parka. Be on the lookout for gnomes hiding in cypress trees.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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