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February 11, 2025 

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LAND: One of four basic categories of resources, or factors of production (the other three are labor, capital, and entrepreneurship). This category includes the natural resources used to produce goods and services, including the land itself; the minerals and nutrients in the ground; the water, wildlife, and vegetation on the surface; and the air above.

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Lesson 18: Banking | Unit 3: Reserve Banking Page: 13 of 24

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

Banking sort of evolved from the goldsmithing profession.

Setting the stage of the story:

  • It takes place at a time and a place when gold is the economy's commodity money: Medieval Europe.
  • Fred is a goldsmith, a craftsman who fashions products from gold.

Fred:

  • Fred's raw material is also the economy's money.
  • Gold input is valuable in use for what Fred creates and also valuable as the medium of exchange.
  • Fred must keep his raw material safe and secure.
  • Fred has a safe.

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AUTONOMOUS CONSUMPTION

Household consumption expenditures that do not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in consumption. Autonomous consumption is best thought of as a baseline or minimum level of consumption that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the consumption function or the consumption line. The alternative to autonomous consumption is induced consumption, which does depend on income.

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?

The word "fiscal" is derived from a Latin word meaning "moneybag."
"I can feel guilty about the past, apprehensive about the future, but only in the present can I act."

-- Abraham Maslow, Psychologist

LRTC
Long Run Total Cost
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