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January 17, 2020 

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LEGAL RESERVES: The total amount of vault cash or Federal Reserve deposits of a bank. These are the only bank assets that can be used legally to satisfy reserve requirements.

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CARTEL: A formal agreement between businesses in the same industry, usually on an international scale, to get market control, raise the market price, and otherwise act like a monopoly. A cartel tends to be unstable because the artificially high prices it sets gives each member of the cartel an incentive to "cheat" with a slightly lower price. When only one member of the cartel lowers the price, it can make oodles of profit by taking customers away from the other members. If they all cheat, the cartel falls apart. While cartels damage efficiency, they're power is often short-lived because of this cheating. Like collusion and other techniques of market control, cartels are illegal in the United States.

     See also | collusion | market control | oligopoly | monopoly | industry | efficiency | profit | antitrust laws |


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CARTEL, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2020. [Accessed: January 17, 2020].


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LAW OF SUPPLY

The direct relationship between supply price and the quantity supplied, assuming ceteris paribus factors are held constant. This economic principle indicates that an increase in the price of a commodity results in an increase in the quantity of the commodity that sellers are willing and able to sell in a given period of time, if other factors are held constant. The law of supply is an important principle in the study of economics.

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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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