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ALLOCATION: The process of distributing resources for the production of goods and services, and of distributing goods and services for consumption by households. This process of allocation is essential to an economy's effort to address the problem of scarcity. An allocation is efficient if the resources, goods, and services are distributed according to the economy's highest valued uses.
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Lesson 17: Money | Unit 4: Money's History
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Page: 21 of 25
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Topic:
Electronic Money
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Computers reduce the use of paper currency and checks.- Electronic money is another logical step in the historical progression of money.
- Modern checking accounts are little more than digital information.
- The trend is toward accessing information directly with computers, including ATM machines, point-of-purchase terminals in stores, and home computers.
Electronic money: - It fits two of the four characteristics of money: easy to transport and completely divisible.
- The other two characteristics raise questions:
- Counterfeitable: Electronic money could be the easiest or the hardest money to counterfeit.
- Durability: This depends on the stability of the government and the banking system.
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AUTOMATIC TRANSFER SERVICE ACCOUNTS Deposit accounts offered by commercial banks, credit unions, savings and loan associations, and mutual savings banks that automatically transfer funds from interest-paying savings account to checking accounts when needed to process checks or to maintain minimum balances. Automatic transfer service (ATS) accounts effectively function as interest-paying checking accounts and are considered as one type of checkable deposits. Other checkable deposits are demand deposits (standard checking accounts), negotiable order of withdrawal (NOW) accounts, and share draft accounts.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either a birthday gift for your aunt or a pair of leather sandals that won't cause blisters. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"You can't build a reputation on what you are going to do." -- Henry Ford, automaker
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CAP
Common Agricultural Policy
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