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TRANSFER PAYMENT: A payment made without any corresponding production or expectations of production. Unless otherwise noted (such as business transfer payments), the term transfer payments generally refers to payments by the government sector to the household sector. The three most important transfer payments in our economy are for Social Security, unemployment compensation, and welfare. The intent of these transfers payments is to redistribute income, and thus the goods and services that can be had with the income. Transfer payments surface as income received but not earned (IRBNE) added to national income to derived personal income.
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Lesson 19: Money Creation | Unit 3: Modern Banking
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Page: 11 of 23
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Suppose you find a $100 bill that you deposit in Amos National Bank.- Amos National adds $100 of vault cash, or reserves, to its assets, and $100 to its liabilities, your account.
- Some of these reserves are required ($10) and some are excess ($90), which can be used for a loan.
- Amos National Bank adds $90 to the customer's checking account, so the customer can buy new tires.
Two changes:- Amos National has a $90 loan balanced by a $90 checkable deposit.
- Amos National Bank just created $90 of money.
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CLOSED ECONOMY An economy that does not engage in international trade or other forms of interaction with other countries. That is, a closed economy neither exports goods and services to, nor imports goods and services from, other economies that make up its foreign sector. It is "closed" to the flow of goods and services into or out of the country. The alternative to a closed economy is an open economy, one that does engage in international trade.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for defective microphones.
Your Complete Scope
This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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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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LPG
Liquid Petroleum Gas
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