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AGGREGATE OUTPUT: The macroeconomy's total production of final goods and services. You might recognized it by it's official term gross domestic product. Another related term is aggregate supply. This is the total production in the economy that is purchased by the four basic economic sectors -- household, business, government, and foreign. See also aggregate market, aggregate demand, aggregate expenditures.
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Lesson 18: Banking | Unit 2: Banking Details
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Page: 5 of 24
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Topic:
Commercial Banks
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The first type of financial institution is a traditional bank. Traditional banks have a long history in the economy: - They were the original financial intermediaries.
- They diverted household income into loans for business investment.
- They offered checking accounts.
They were heavily regulated entities: - The big ones, the national banks, were subject to the regulations by the Federal Reserve System, the Federal Deposit Insurance, etc.
- Other banks, more numerous, but usually smaller, were chartered and regulated by state or local agencies.
Before the 1970's: - Banks were the only financial intermediaries that offered checking accounts.
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AVERAGE-MARGINAL RELATION A mathematical connection between a marginal value and the corresponding average value stating that the change in the average value depends on a comparison between the average and the marginal. This mathematical relation between average and marginal surfaces throughout the study of economics, especially production (average product and marginal product), cost (average total cost and marginal cost), and revenue (average revenue and marginal revenue). A similar relation is that between a total value and the corresponding marginal value.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club wanting to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for defective microphones.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"There's only one corner of the universe you can be certain of improving and that's your own self. " -- Aldous Huxley, writer
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NFA
National Futures Association
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