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SPECIAL INTEREST GROUP: A group that has more to gain or lose from some candidate, issue, or policy and thus tries extra hard to ensure that the political system is aware of their preferences. Some special interest groups can be fairly tame, merely voting in elections for their chosen candidate, while others are quite active. The more active ones form political action committees and undertake all forms of lobbying (legal and illegal). The ultimate success of special interest groups arises from the inclination of other people to choose rational ignorance and rational abstention.

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Lesson 18: Banking | Unit 4: Regulating Banks Page: 19 of 24

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Several institutions which regulate banks.

The main players:

  • Federal Reserve System (Fed): They have primary responsibility of the nation's money supply by controlling banking reserves.
  • Federal Deposit Insurance Corporation (FDIC): Their mission is to insure bank deposits. If a bank can't satisfy customer withdrawals the FDIC pays off the customers.
  • Comptroller of the Currency: They charter national banks, they decide which ones qualify for a national charter.

Other regulatory agencies:

  • State banking regulatory agencies.

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FACTOR MARKET, EFFICIENCY

A factor market achieves efficiency in the allocation of resources by equating marginal revenue product to factor price. Perfect competition, as the efficiency benchmark, is the only market structure to satisfy this criterion and achieve factor market efficiency. Monopsony, oligopsony, and monopsonistic competition are inefficient because they equate marginal revenue product to marginal factor cost, both of which are greater than factor price.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius looking to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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