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PATENT: The guaranteed ownership and control of an invention, innovation, or production technique by government for a period of time (currently 17 years). A patent gives the owner the exclusive rights to sell, market, license, or otherwise generate revenue from an invention, innovation, or production technique. Patents are designed to encourage inventions and other developments that promote technological advances. However, they are also an entry barrier and lead to market control.
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Lesson 19: Money Creation | Unit 3: Modern Banking
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Page: 10 of 23
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Topic:
Fractional-Reserve Magic
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Modern banks practice fractional-reserve banking, which is the key to money creation. Note that: - Modern reserves take the form of vault cash and Federal Reserve deposits.
- Both ensure the safety of deposits.
- Banks seek profits by making loans and adding to checkable deposits.
- Checkable deposits add to the money supply.
Money creation:- Banks practice fractional-reserve banking, seek revenue through loans, and keep reserves.
- Banks keep 10% of outstanding deposits in reserves.
- Reserves over those required to are excess reserves.
- If a bank has excess reserves, then it can make loans, increase checkable deposits, and create money.
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ECONOMIC GOOD A tangible item produced with society's limited resources for the purpose of satisfying wants and needs. As a general notion, the phrase economic good also commonly includes intangible services produced with society's limited resources for the purpose of satisfying wants and needs. A synonymous term for economic good is scarce good.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either an electric coffee pot with automatic shutoff or a brown leather attache case. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"When you play, play hard; when you work, don't play at all. " -- Theodore Roosevelt, 26th US president
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IGARCH
Integrated Generalized Autoregressive Conditional Heteroskedasticity
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