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March 4, 2021 

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INDIVIDUAL RETIREMENT ACCOUNT: A savings retirement account set up with a bank, mutual fund, brokerage firm that allows people to set aside a portion of their income each year. Like other private pension plans, income diverted to an individual retirement account (or IRA) is tax deferred, that is, taxes on not paid on the income until it is withdrawn during retirement.

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BANK PANIC: Economy-wide concern over the stability of the banking system prompted by the failure of a few banks, which then contributes to the failure of many more banks, which contributes to the failure of even more banks, in a snowballing effect.

     See also | economy | bank failure | bank | bankruptcy | recession | depression | money | fractional-reserve banking | Great Depression | Federal Reserve System | Federal Deposit Insurance Corporation |


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BANK PANIC, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: March 4, 2021].


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LAW OF DIMINISHING MARGINAL UTILITY

A principle stating that as the quantity of a good consumed increases, eventually each additional unit of the good provides less additional utility--that is, marginal utility decreases. Each subsequent unit of a good is valued less than the previous one. The law of diminishing marginal utility helps to explain the negative slope of the demand curve and the law of demand.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time at an auction wanting to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for vindictive digital clocks with revenge on their minds.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"I think luck is the sense to recognize an opportunity and the ability to take advantage of it . The man who can smile at his breaks and grabs his chance gets on."

-- Samuel Goldwyn, Film executive

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