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WAGE: A factor payment to the owner of labor for using labor services in the production of goods and services. Wages are included in the National Income and Product Accounts maintained by the Bureau of Economic Analysis under the official title compensation of employees. Wages is the largest of the four factor payments, accounting for about 70% of the income earned by the household sector. The other factors of production (and their corresponding resource) are: interest (capital), rent (land), and profit (entrepreneurship).
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Lesson 19: Money Creation | Unit 3: Modern Banking
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Page: 12 of 23
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- A purchase is made with a check written on the Amos National Bank.
- The store deposits the check in Bob's State Bank.
- Bob's Bank adds $90 worth of liabilities to the store's account.
- This liability is balanced with reserves transferred from Amos National Bank.
- Amos National losses $90 of reserves and Bob's Bank gains $90 of reserves.
- Amos National ends up with $10 of reserves and a $90 loan.
- Bob's Bank has $90 in reserves. It must keep 10% ($9), giving Bob's Bank $81 of excess reserves.
- Bob's Bank makes an $81 loan to a customer who wants to buy a CD player.
- Once again, this process creates $81 worth of money.
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IMPLICIT LOGROLLING The trading of votes to ensure a favorable outcome for two or more separate decisions undertaken by combined both decisions into a single vote. Commonly practiced in legislative bodies, implicit logrolling occurs when two separate programs or policies are combined into a single package, which is then subject to a single vote. The contrast is with explicit logrolling in which each of two voters agree to cast separate votes for two separate programs. Whether implicit or explicit, logrolling is generally used when neither decision is able to obtain the necessary majority of the votes needed for passage on their own accord.
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BLACK DISMALAPOD
[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 hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for malfunctioning pocket calculators.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"He, who every morning plans the transactions of the day, and follows that plan, carries a thread that will guide him through a labyrinth of the most busy life." -- Victor Hugo, Writer
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CEX
Consumer Expenditure Survey (US)
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