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POINT ELASTICITY: The relatively responsiveness of a change in one variable (call it B) to an infinitesimally small change in another variable (call it A). The notion of point elasticity typically comes into play when discussing the elasticity at a specific point on a curve.< P>Point elasticity can be calculated in a number of different ways. Sophisticated economists, using sophisticated mathematical techniques (better known as calculus) can calculate point elasticity by taking derivatives of equations. Derivatives is fancy calculus talk for infinitesimally small changes.
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Lesson 18: Banking | Unit 3: Reserve Banking
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Page: 15 of 24
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The story continues when Elizabeth the Innkeeper needs to expand her business and ask Fred for a loan. The story: - Elizabeth's business is booming, but she is temporarily short of money, short of gold.
- She asks Fred for a loan of gold that belongs to Bill the Knight that Fred keeps on his safe.
- Elizabeth is willing to pay Fred a sizable fee for taking the risk of making this loan.
- Fred makes the loan.
- Elizabeth expands her inn, she repays the loan on schedule with interest with profit from business.
- Bill collects his gold upon returning.
- Other local merchants soon seek interest lending services from Fred.
Fred has discovered the lending function of modern banks.
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EFFICIENCY Generating the most possible satisfaction from a given amount of resources. Efficiency means that this satisfaction of wants and needs cannot be increased by producing more of one good and less of another. This is one of the five economic goals and one of two microeconomic goals. The other goals are full employment, stability, economic growth, and equity.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for small children selling products door-to-door.
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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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"Far and away the best prize that life has to offer is the chance to work hard at work worth doing." -- Theodore Roosevelt, 26th US president
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SET
Securities Exchange of Thailand
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