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LEGAL RESERVES: The total amount of vault cash or Federal Reserve deposits of a bank. These are the only bank assets that can be used legally to satisfy reserve requirements.

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Lesson Contents
Unit 1: Demand Theory
  • The Theory
  • Making Decisions
  • Utility
  • On To Demand
  • Unit 1 Summary
  • Unit 2: Total Utility
  • A Measure Of Satisfaction
  • Total Utility Schedule
  • Utility Maximization
  • Unit 2 Summary
  • Unit 3: Marginal Utility
  • Incremental Satisfaction
  • Measuring Marginal Utility
  • Diminishing Marginal Utility
  • Getting Satisfied
  • Diamond-Water Paradox
  • Unit 3 Summary
  • Unit 4: The Curves
  • Total Utility
  • Marginal Utility
  • Both Curves
  • Unit 4 Summary
  • Unit 5: Taking Stock
  • Two Laws
  • Two Considerations
  • Unit 5 Summary
  • Course Home
    Consumer Demand

    This lesson discusses the basics of consumer demand theory, especially the notion of utility. Utility is the fancy-schmancy economic term that means satisfying wants and needs. The purpose of this lesson is to set the stage for a behind-the-scenes look at the demand-side of the market. Because the prices buyers are willing to pay for the goods depend on the utility, an understanding of demand requires an understanding of utility.

    • The first unit of this lesson, Demand Theory, introduces the concept of utility and previews the relation between utility, consumer decision making, and demand.
    • In the second unit, Total Utility, we take a look at the first of two key technical notions of utility are used to examine the relation between utility and demand.
    • The third unit, Marginal Utility, presents and discusses the second of the two technical notions of utility, and the most important notion underlying demand.
    • The fourth unit, The Curves, illustrates the total utility and marginal utility concepts with handy graphs.
    • The fifth unit, Taking Stock, then wraps up this lesson with an extended preview of the relation between utility and demand.

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    AUTONOMOUS INVESTMENT

    Business investment expenditures that do not depend on income or production (especially national income or even gross domestic product). That is, changes in income do not generate changes in investment. Autonomous investment is best thought of as investment that the business sector undertakes regardless of the state of the economy. It is measured by the intercept term of the investment line. The alternative to autonomous investment is induced investment, which does depend on income.

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    Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a tall storage cabinet with five shelves and a secure lock or a birthday greeting card for your grandmother. Be on the lookout for slightly overweight pizza delivery guys.
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    Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
    "Use, do not abuse; neither abstinence nor excess ever renders man happy."

    -- Voltaire, philosopher

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