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SCARCITY RENT: The marginal opportunity cost imposed on future generations by extracting one more unit of a resource today. Scarcity rent is one of two costs the extraction of a finite resource imposes on society. The other is marginal extraction cost--the opportunity cost of resources employed in the extraction activity. Scarcity rent is the cost of "using up" a finite resource because benefits of the extracted resource are unavailable to future generations. Efficiency is achieved when the resource price--the benefit society is willing to pay for the resource today--is equal to the sum of marginal extraction cost and scarcity rent.
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Lesson 18: Banking | Unit 2: Banking Details
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Page: 7 of 24
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A third type is a credit union. History: - The first credit union was created in 1909.
- Experienced tremendous growth after WWII.
- Primary regulator is the National Credit Union Association (NCUA).
- Created for reasons similar to labor unions.
Credit unions: - Relatively small, non-profit entities, associated with a particular business or group with something in common.
- Pool savings and make personal loans to members.
Evolution: - Originally offered limited banking services.
- Began offering checking accounts in the 70's, which gave them control over part of the M1 money supply.
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INTEREST RATES, AGGREGATE DEMAND DETERMINANT One of several specific aggregate demand determinants assumed constant when the aggregate demand curve is constructed, and that shifts the aggregate demand curve when it changes. An increase in interest rates cause a decrease (leftward shift) of the aggregate curve. A decrease in interest rates an increase (rightward shift) of the aggregate curve. Other notable aggregate demand determinants include the federal deficit, inflationary expectations, and the money supply.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for cardboard boxes.
Your Complete Scope
This isn't me! What am I?
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"In order to create there must be a dynamic force, and what force is more potent than love." -- Igor Stravinsky, violinist
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AR
Average Revenue, Autoregressive
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