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RESERVE REQUIREMENTS: Rules by the Federal Reserve System governing the amount of bank reserves that banks must keep to back up their deposits. Legal reserve requirements came about because banks that practice fractional-reserve banking are sometimes inclined to make too many interest-paying loans and neglect to keep enough reserves on hand to pay their depositors. In principle, the Fed can alter reserve requirements to control the money supply. In practice, however, the Fed prefers to use open market operations or the discount rate.
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Lesson Contents
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Unit 1: An Overview |
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Unit 2: The Continuum |
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Unit 3: Measurement |
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Unit 4: Determinants |
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Unit 5: Other Measures | |
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Elasticity and Demand
Elasticity is the relative responsiveness of one variable to changes in another variable. Economists find this notion of elasticity quite useful in the study of markets. In this lesson, we examine the basics of demand elasticity, especially the price elasticity of demand. - The first unit of this lesson, An Overview, gets us started with a review of several concepts related to elasticity and demand.
- In the second unit, The Continuum, we take a close look at how the five elasticity alternatives are reflected by demand curves.
- The third unit, Measurement, runs through some numbers for measuring the price elasticity of demand, and how elasticity values related to a straightline demand curve.
- The fourth unit, Determinants, examines how the three determinants of elasticity affect the elasticity coefficient.
- The fifth unit and final unit, Other, closes this lesson by introducing examine three related elasticity measures.
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BALANCE OF TRADE DEFICIT The negative difference of the value of goods and services exported out of a country less the value of goods and services imported into the country. A balance of trade deficit is the official term for negative net exports that occurs when imports exceed exports. A balance of trade deficit is also termed an "unfavorable" balance of trade because it results in a net outflow of monetary payments from the domestic economic to the foreign sector, which tends to be bad for a country. The alternative is a balance of trade surplus in which exports exceed imports.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for broken fingernail clippers.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"When the solution is simple, God is answering." -- Albert Einstein
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