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September 21, 2021 

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UNLIMITED WANTS AND NEEDS: A characteristic of people such that they are never totally satisfied with the quantity and variety of goods and services. This is one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is limited resources. Unlimited wants and needs essentially means that people never get "enough"--that there's always something else that they would want or need.

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Lesson 18: Banking | Unit 3: Reserve Banking Page: 14 of 24

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

The story continues when Bill the Knight needs to store some gold for a short time.

The story:

  • Bill has some gold he would like to store in Fred's safe.
  • Fred agrees and charges Bill for this storage service.
  • When Bill returns from his journey he retrieves his gold, less a modest service charge.
  • Bill informs other knights about this service and they also begin taking advantage of Fred's storage service.
  • Fred realizes that storing gold is an easy way to earn a living.

Fred has stumbled upon the depository function of modern banks.


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EXCHANGE RATE

The price of the currency of one country stated in terms of the currency of another country, that is, the rate of exchange of one currency for another. Exchange rates, also termed foreign exchange rates, are prices determined in foreign exchange markets that are set up to trade the currencies of different nations (foreign exchange). In general, exchange rates reflect the overall health, vitality, and productivity of a nation's economy. However, because exchange rates also affect international trade (exports and imports) among nations they are often subject to governmental policy control.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?

The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

CBOE
Chicago Board Options Exchange
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