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REAL ECONOMY: The physical side of the economy dealing with goods, services and resources. This side is concerned with using resources to produce the goods and services that make the satisfaction of wants and needs possible. This should be contrasted with the paper economy, or financial side of the economy.
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Lesson 18: Banking | Unit 3: Reserve Banking
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Page: 14 of 24
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Topic:
Goldsmith Deposits
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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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PERSONAL TAX AND NONTAX PAYMENTS The official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring the personal income taxes paid to the government sector on personal income received by the household sector. Personal tax and nontax payments are subtracted from personal income (PI) to calculate disposable income (DI). Personal tax and nontax payments are about 15 percent of personal income and about 13 percent of gross domestic product.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club looking to buy either a wall poster commemorating the first day of spring or a lazy Susan for you dining room table. Be on the lookout for infected paper cuts.
Your Complete Scope
This isn't me! What am I?
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"There's only one corner of the universe you can be certain of improving and that's your own self. " -- Aldous Huxley, writer
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VSE
Vancouver Stock Exchange (Canada)
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