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THIRD-PARTY PAYMENT: Payments made on behalf of one person (party) to a second person (party) by a third person (party) for benefits received by the first person (party). Eliminating the person (party) language, these sorts of payments are a standard method of buying health care. Insurance companies and the government pay doctors for the medical care received by patients. Problems arise because the party with the check book (insurance companies and government) aren't getting any of the benefits, while the party getting the benefits (patients) don't have to be concerned about payment. As such, third-party payments give patients an incentive to buy too much health care.

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Lesson 14: Aggregate Supply | Unit 4: Determinants Page: 12 of 20

Topic: Stability <=PAGE BACK | PAGE NEXT=>

The shifts in the aggregate supply curves are usually small, steady, and readily expected.
  • The supply-side of the aggregate market is usually the perfect picture of stability.
  • Most of economy's instability result from instability on the demand side of the aggregate market.
  • Shifts of the aggregate supply curve are due to ceteris paribus determinants.
  • The supply determinants are things, other than the price level, that affect aggregate supply.
Both, short-run aggregate supply and long-run aggregate supply curves, can increase or decrease.

In both, long run and shot run:

  • An increase shifts the aggregate supply curve to right.
  • It means that producers are willing and able to offer more real production for sale at any and all price levels.
  • A decrease shifts the aggregate supply curve to left.
  • It means that producers are willing and able to offer less real production for sale at any and all price levels.

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NO-RESERVE BANKING

A (hypothetical) method of banking in which banks keep 0 percent of their deposits in the form of bank reserves, meaning that ALL deposits are used for interest-paying loans. No-reserve banking is one of two theoretical alternatives designed to help illustrate a contrast to the fractional-reserve banking actually practiced by modern banks. The other alternative is full-reserve banking. With the no-reserve approach a bank operates as financial intermediary or broker, matching up borrowers and lenders.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either yellow cotton balls or a set of steel-belted radial snow tires. Be on the lookout for the happiest person in the room.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

M2
M1 plus savings types of near monies, including savings deposits, certificates of deposits, money market deposits, repurchase agreements, and Eurodollars
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