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NATIONAL BANKS: Traditional banks that are chartered by the Comptroller of the Currency and are automatically members of the Federal Reserve System. The contrast to national banks are state banks, which are chartered by one of the fifty states. National banks tend to larger than state banks and whether justified or not tend to be slightly more prestigious. In the modern economy this distinction is less important than it was a few decades bank when state banks were subject to lesser state regulations than national banks.
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Lesson 5: Market Demand | Unit 4: Determinants
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Page: 16 of 20
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The five determinants that cause the demand curve to shift are:- Income: Income affects the ability of buyers to buy. It can affect a good in two ways-normal or inferior.
- Preferences: Preferences, our likes and dislikes, affect the willingness of buyers to buy.
- Prices of other goods: Other goods can be either substitutes or complements to the good we're analyzing.
- Expectations: Buyers' current demand depends on expectations of future prices.
- Number of buyers: More buyers, more demand. Fewer buyers, less demand.
These categories include all factors other than price that affect demand.
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ASSUMPTION An initial condition or statement of a model or theory that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. Other assumptions are used as control conditions that are subsequently changed to evaluate the consequences.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for telephone calls from long-lost relatives.
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A half gallon milk jug holds about $50 in pennies.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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TVC
Total Variable Cost
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