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MARGINAL UTILITY-PRICE RATIO: The ratio of the marginal utility obtained from consuming a good to the price of the good. This ratio is particular important in determining consumer equilibrium, which is reached when the marginal utility-price ratios are the same for all goods.
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GOLDSMITH BANKING: An analysis of banking functions based on the semi-realistic activities of the goldsmith profession of Medieval Europe. Because the gold used a production inputs by goldsmiths was also used as money, they developed many modern banking functions, including maintaining deposits, making loans, keeping reserves, and creating money. While the story of goldsmith banking is often embellished for instructional purposes, it does contain the essence of how goldsmiths operated as banks. See also | banking | banks | fractional-reserve banking | bank reserves | traditional banks | savings and loan associations | credit unions | mutual savings banks | thrift institutions | money | M1 | profit | industry | monetary economics | government functions | financial markets | liquidity | money creation | Federal Reserve System | Federal Deposit Insurance Corporation | central bank | monetary policy | bank panic | bank run | monetary aggregates | barter |
Recommended Citation:GOLDSMITH BANKING, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2010. [Accessed: September 2, 2010].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: goldsmith banking
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CORPORATE PROFITS The total accounting profits received by corporations. Corporate profits are the official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis that measures profit earned by the household sector for supplying entrepreneurship services through corporations, and to some degree capital and land services, too. This is one of five official factor payments making up national income. The other four are compensation of employees, rental income of persons, net interest, and proprietors' income. Corporate profits the second largest factor payment category, usually coming in around 20 to 25 percent of national income.
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State of the ECONOMY
Real Average Hourly Earnings
July 2010
$10.38
Fell 0.2% Source: BLS
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?
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"The shifts of fortune test the reliability of friends. " -- Marcus Tullius Cicero, Roman statesman
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IRPP
Institute for Research on Public Policy
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