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CIO: The abbreviation for the Congress of Industrial Organizations, which was originally a collection of industrial unions established due to a rift among AFL members in 1938, this is now one half of the umbrella organization for labor unions in the United States (the CIO part of AFL-CIO). Industrial unions included in the CIO, were originally part of the AFL. However, because the AFL primarily represented skilled workers in craft unions, a rift among AFL members developed in 1938, resulting in the creation of the CIO. This rift was closed in 1955, when both joined together to form the AFL-CIO, which is the primary advocate for workers and labor unions in the United States.

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Lesson 18: Banking | Unit 1: What It Is Page: 2 of 24

Topic: Intermediary <=PAGE BACK | PAGE NEXT=>

There are several types of financial intermediaries.

Note that:

  • Intermediaries bring together buyers and sellers.
  • Buyers and sellers often need an intermediary.
  • Banks perform a 'financial' intermediary function.
  • By maintaining financial deposits and making financial loans, banks navigate the financial side of the economy.

Other types of financial intermediaries include:

  • Insurance agencies, stock brokers, finance companies, mutual funds, and bond traders.

Their function:

  • All these entities divert household income away from consumption expenditures to investment.
  • Banks are important because they maintain checking accounts that are about 60% of the money supply.

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PERFECT COMPETITION, DEMAND

The demand curve for the output produced by a perfectly competitive firm is perfectly elastic at the going market price. The firm can sell all of the output that it wants at this price because it is a relatively small part of the market. As a price taker, the firm has no ability to charge a higher price and no reason to charge a lower one. The market price facing a perfectly competitive firm is also average revenue and, most important, marginal revenue.

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Today, you are likely to spend a great deal of time browsing about a thrift store looking to buy either a solid oak entertainment center or a remote controlled ceiling fan. Be on the lookout for the happiest person in the room.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
"The time to repair the roof is when the sun is shining."

-- John F. Kennedy, 35th U. S. president

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