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January 17, 2018 

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INDEX OF CONSUMER SENTIMENT: A measure of consumer attitudes, preferences, and expectations concerning the state of the economy and business-cycle conditions that is compiled each month by the Survey Research Center at the University of Michigan. The Index of Consumer Sentiment is one of two primary measures of consumer attitudes. The other is the Consumer Confidence Index developed by The Conference Board.

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GOLDSMITH MONEY CREATION: An illustration of the basic money creation process undertaken by banks using the hypothetical activities of a hypothetical goldsmith. The goldsmith profession of Medieval Europe provides insight into the modern banking business, including the seemingly magical ability of banks to create valuable money out of inputs with significantly less value.

     See also | bank balance sheet | goldsmith banking | money creation | deposit expansion multiplier | money multiplier | seigniorage | banks | banking | money | fractional-reserve banking | bank reserves | required reserves | excess reserves | checkable deposits | monetary economics | liquidity | financial markets | commodity money | fiat money | value in use | value in exchange | Federal Reserve System | central bank | monetary policy | bank panic | bank run | monetary aggregates |


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AVERAGE PRODUCT AND MARGINAL PRODUCT

A mathematical connection between average product and marginal product stating that the change in the average product depends on a comparison between the average product and marginal product. If marginal product is less than average product, then average product declines. If marginal product is greater than average product, then average product rises. If marginal product is equal to average product, then average product does not change.

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Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a looseleaf notebook binder or hand lotion, a big bottle of hand lotion. Be on the lookout for deranged pelicans.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"Being defeated is only a temporary condition; giving up is what makes it permanent."

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