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COMPETITION AMONG THE MANY: A market with so many buyers and sellers that none is able to influence the market price or quantity exchanged. This type of competition is the one most favored by economists (the other type is competition among the few). Compared to a three-person sprint, this is like a 10,000-entry road race. To win this race, I can't count on the other 9,999 coming up injured. To win, I may have to be the best I've ever been. I just might have to set a world record. This is the type of competition that brings out the best, most efficient use of resources.
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LEGAL RESERVES The combination of vault cash and Federal Reserve deposits that banks can legally use to satisfy government reserve requirements. Legal reserves, which can also be considered total reserves, are divided between require reserves and excess reserves. Required reserves are used to back up deposits and process daily transactions, while excess reserves are then available for interest-paying loans.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either a birthday gift for your grandfather or a pleather CD case. Be on the lookout for poorly written technical manuals.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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FRB
Federal Reserve Board
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