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December 14, 2018 

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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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CREDIT CARD: A piece of plastic (about 2 inches by 3 1/2 inches) that authorizes a user to make use of a pre-established loan (or line of credit) with a bank, store, or other business when conducting transactions (that is, buying stuff). Credit cards a simply a means of easily and quickly borrowing the funds needed to make a purchase. Some folks confuse credit cards with money, using the term "plastic money," in that both are used to facilitate purchases. However, credit cards create a liability (the loan), while money is an asset. The only real plastic money is debit cards.

     See also | loan | liability | credit | money | asset | debit card | bank |


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SHORT-RUN AGGREGATE SUPPLY AND MARKET SUPPLY

The short-run aggregate supply curve, or SRAS curve, has similarities to, but differences from, the standard market supply curve. Both are positively sloped. Both relate price and quantity. However, the market supply curve is positively sloped due to the law of diminishing marginal returns and the short-run aggregate supply curve is positively-sloped due to inflexible prices, the pool of natural unemployment, and imbalances in real resource prices.

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