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OTHER PRICES: A handy term referring to the prices of other goods that affect either the demand for a good or the supply of the good. On the demand side, other prices can be those for substitutes-in-consumption or complements-in-consumption. On the supply side, other prices can be those for either substitutes-in-production or complements-in-production. Changes in other prices cause shifts in the corresponding demand or supply curves.

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Lesson 18: Banking | Unit 2: Banking Details Page: 5 of 24

Topic: Commercial Banks <=PAGE BACK | PAGE NEXT=>

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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DURABLE GOODS, CONSUMPTION

Personal consumption expenditures on tangible goods that tend to last for more than a year. Common examples are cars, furniture, and appliances. This is one of three categories of personal consumption expenditures in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are nondurable goods and services. Durable goods are about 12 percent of personal consumption expenditures and 8 percent of gross domestic product.

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Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for cardboard boxes.
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