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NATIONAL CREDIT UNION ADMINISTRATION: The Federal government entity responsible for chartering and regulating credit unions. It plays a similar role for credit unions that the Comptroller of the Currency and the Federal Home Loan Bank have historically played for banks and savings and loan associations.

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Lesson 17: Money | Unit 2: More About Money Page: 8 of 25

Topic: Standard of Deferred Payment <=PAGE BACK | PAGE NEXT=>

Money is used as a standard of deferred payment, buying now and paying later.
  • A car loan: Borrow money to buy a car today, then pay off the loan with deferred payments into the future.
  • Money as a standard of deferred payment is a direct consequence of the unit of account and store of value functions of money.
  • Money is the standard for current prices and future payments based on those prices.
  • For money to function as a deferred payment, it must retain value.
  • The key to storing value in money is price inflation.
  • Deferred payments need to anticipate future money values based on future inflation.
  • The inflation adjustment is accomplished by through interest rates.

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GOVERNMENT FAILURES

Inefficiencies in the allocation of resources attributable to imperfections in the operation of governments. Government failures are based on the utility-maximizing behavior of politicians, voters, nonvoters, special interest groups, and government employees. The identification and analysis of government failures is central to the study of public choice and offers something of a counterbalance to government actions designed to address the inefficiencies of market failures.

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Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a case for your designer sunglasses or arch supports for your shoes. Be on the lookout for defective microphones.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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