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NEAR-PUBLIC GOOD: A good that's easy to keep nonpayers from consuming, but use of the good by one person doesn't prevent use by others. The trick with a near-public good is that it's easy to keep people away, and thus you can charge them a price for consuming, but there's no real good reason to do so. From an efficiency view, the more people who consume a near-public good, the better off society. This mixture of nearly unlimited benefits and the ability to charge a price means that some near-public goods are sold through markets and others are provided by government. For efficiency's sake, none should be sold through markets.

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Lesson 18: Banking | Unit 2: Banking Details Page: 6 of 24

Topic: S&Ls <=PAGE BACK | PAGE NEXT=>

The second type is a savings and loans association.

History:

  • Created by the Federal Home Loan Act after the WWII.
  • Promoted homed ownership for the middle class.
  • Regulated by the Federal Home Loan Bank and by the Federal Savings and Loan Deposit Insurance Corporation.
  • Operated during the 50's and 60's using the 3-6-3 rule.
  • Used savings accounts to make mortgage loans.
  • Didn't offer checking accounts or business loans.

Changes in the 70's:

  • Went for riskier loans and offered checking accounts.

In the 80's:

  • Many went out of business, others merged with traditional banks, and a few survived.
  • Operate now like traditional banks: Offer the same services and come under the same regulations.

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TOTAL FACTOR COST CURVE, PERFECT COMPETITION

A curve that graphically represents the relation between total factor cost incurred by a perfectly competitive firm when using a given factor of production to produce a good or service. The total factor cost curve is most important in factor market analysis for the derivation of the marginal factor cost curve.

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Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for the happiest person in the room.
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Lombard Street is London's equivalent of New York's Wall Street.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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