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ARP: The abbreviation for average revenue product, which is total revenue generated per unit of a variable input, keeping all other inputs unchanged. Average revenue product, usually abbreviated ARP, is found by dividing total revenue by the variable input. Average revenue product is most often used in the analysis of the demand for productive inputs.

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Lesson 18: Banking | Unit 3: Reserve Banking Page: 17 of 24

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  • The concept of fractional-reserve banking, which implies that deposits are used for loans and that banks must keep reserves to back deposits.
  • The three types of reserves:
    • Legal reserves, which are vault cash and deposits with the Federal Reserve.
    • Required reserves, which are the vault cash and deposits with the Federal Reserve that regulators say a bank must keep for daily transactions.
    • Excess reserves, which are any legal reserves over and above required reserves.
  • That banking sort of evolved from the goldsmithing profession.
  • How Fred stumbled upon the depository function of modern banks.
  • How Fred discovered the lending function of modern banks.
  • How Fred discovered modern fractional-reserve banking.

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COMPARATIVE ADVANTAGE

The ability to produce one good at a relatively lower opportunity cost than other goods, especially compared to production in another country. Every person or country has a comparative advantage in production of at least one good or service, even with relatively limited production technology. A related, but contrasting concept is absolute advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.

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Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either a rotisserie oven that can also toast bread or a flower arrangement in a coffee cup for your father. Be on the lookout for the last item on a shelf.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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Thrift Institutions Advisory Council
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