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July 18, 2025 

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HOLDING COMPANY: A company (usually a corporation) that owns enough stock in another corporation to exercise virtually complete control over its management. Holding companies often own controlling interest in several diverse corporations, allowing it to engage in diverse activities (some of which might be risky) while limiting its liability should problems arise. While holding companies exist in most types of industries, then tend to be quite popular in banking. Through a holding company, a bank can essentially take part in other financial markets (selling insurance, underwriting securities, or acting as a broker) that are beyond the legal authority of the bank itself.

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SUBSTITUTE: In terms of demand (that is, substitute-in-consumption), one of two goods that replace each other in consumption such that an increase in the price of one good leads to an increase in demand and a rightward shift in the demand curve for the other good. If the demand of good 1 increases as the price of good 2 increases, the goods are substitutes-in-consumption. In terms of supply (that is, substitute-in-production), one of two goods that replace each other in either producing using the same resources in an either/or fashion, such that an increase in the price of one good leads to a decrease in supply and a leftward shift in the supply curve for the other good. If the supply of good 1 decreases as the price of good 2 increases, the goods are substitutes-in-production.

     See also | demand | supply | substitute-in-consumption | substitute-in-production | consumption | production | demand curve | supply curve | demand determinants | supply determinants | demand shock | supply shock | comparative statics | elasticity |


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NEEDS STANDARD

An income distribution standard in which income is divided among members of society based on how much production each person requires to maintain a given living standard. This is one of three basic income distribution standards that answers the For Whom? question of allocation. The other two are the contributive standard and the equality standard.

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