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LRAC: The abbreviation for long-run average cost, which is the per unit cost of producing a good or service in the long run when all inputs are variable. In other words, long-run total cost divided by the quantity of output produced. Long-run average cost is based on economies of scale (or increasing returns to scale) and diseconomies of scale (or decreasing returns to scale).

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Lesson 18: Banking | Unit 2: Banking Details Page: 7 of 24

Topic: Credit Unions <=PAGE BACK | PAGE NEXT=>

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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PERFECT COMPETITION, SHORT-RUN SUPPLY CURVE

A perfectly competitive firm's supply curve is that portion of its marginal cost curve that lies above the minimum of the average variable cost curve. A perfectly competitive firm maximizes profit by producing the quantity of output that equates price and marginal cost. As such, the firm moves along its positively-sloped marginal cost curve in response to changing prices.

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius looking to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?

On a typical day, the United States Mint produces over $1 million worth of dimes.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

FOMC
Federal Open Market Committee
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