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A PRIORI: A presumption made before an analysis is undertaken, often based on experiences, beliefs, or deductions from seemingly self-evident propositions about how the world works. This is a Latin for assumption or axiom. A similar sounding, but opposite term is a posteriori, which is derived from observation or facts. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", because that just seems to be part of human nature, and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.

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Lesson 18: Banking | Unit 4: Regulating Banks Page: 21 of 24

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  • That banking is one of the most heavily regulated industries in the economy.
  • The main reasons of bank regulations:
    • When balance between profit and safety fails, customers lose trust and banks may have to shut down.
    • Banks control 60% of the M1 money supply.
  • The problems for the economy when banks get carried away seeking profits without having enough deposit-protecting reserves.
  • The main institutions which regulate banking activities and their main functions: Federal Reserve System (Fed), Federal Deposit Insurance Corporation (FDIC), and Comptroller of the Currency.
  • The ways in which banks are regulated.

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MARGINAL UTILITY OF INCOME

The change in utility resulting from a given change in income. This is a specialized case of the general notion of marginal utility, which is simply the change in utility resulting from a given change in the consumption of a good. Marginal utility of income is key to identifying alternative risk preferences, including risk aversion, risk neutrality, and risk loving. These three risk preferences are indicated by three marginal utility of income possibilities, decreasing (risk aversion), increasing (risk loving), and constant (risk neutrality).

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for the last item on a shelf.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

UNCTAD
United Nations Conference on Trade and Development
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