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QUALITY OF LIFE: A common term used to indicate the overall level of well-being or welfare of a person or group of people, taking into account both monetary and non-monetary factors. This notion is theoretically synonymous with utility and the satisfaction of wants and needs. However, from a practical standpoint, attempts have been made to measure the quality of life, primarily as a means of comparison between communities. Quality of life measures are composite indexes based on monetary factors such as income, wages, living costs, and taxes, combined with non-monetary factors such as crime rate, air quality, and education level.

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SUBSTITUTE-IN-PRODUCTION: One of two goods that can replace each other in production--that is, using resources to produce one good prevents their use in the other. A substitute good is one of two alternatives falling within the other prices determinant of supply. The other is complement-in-production. An increase in the price of one substitute-in-production causes a decrease in supply of the other.

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


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BANK RESERVES

Assets used by banks to back up deposits and to conduct daily transactions, including withdrawing funds, "cashing" checks, and transferring funds between banks to "clear" checks. Reserves, also termed bank reserves or legal reserves, includes two types of assets: vault cash and Federal Reserve deposits. These legal reserves are then divided between require reserves and excess reserves. Required reserves are used to back up deposits and excess reserves are used for loans.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a decorative windchime with plastic or a flower arrangement for that special day for your mother. Be on the lookout for telephone calls from former employers.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"All things are difficult before they are easy."

-- Thomas Fuller, Physician

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Journal of Regulatory Economics
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