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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: 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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INCREASING-COST INDUSTRY A perfectly competitive industry with a positively-sloped long-run industry supply curve that results because expansion of the industry causes higher production cost and resource prices. An increasing-cost industry occurs because the entry of new firms, prompted by an increase in demand, causes the long-run average cost curve of each firm to shift upward, which increases the minimum efficient scale of production.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"Everyone is bound to bear patiently the results of his own example. " -- Phaedrus, Philosopher
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FED
Federal Reserve
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