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September 19, 2021 

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REAL WAGE: The inflation-adjusted purchasing power of the nominal wage. The real wage is commonly derived by dividing the nominal wage by the price level, indicates the physical quantities of goods and service that can be purchased with the nominal wage.

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Lesson 19: Money Creation | Unit 1: A Little Magic Page: 2 of 23

Topic: Banks <=PAGE BACK | PAGE NEXT=>

The mystical source of magic is fractional-reserve banking.

Remember:

  • Banks control 60% of the M1 money supply.
Fractional-reserve banking activities:
  • First: As financial intermediaries banks pool unspent household income, which is used for business loans for investment in capital.
  • Second: As safekeepers of deposits, they provide 60% of the money that our economy uses for exchanges.
Important:
  • The division between reserves and loans is the source of banking magic.

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NONDURABLE GOODS, CONSUMPTION

Personal consumption expenditures on tangible goods that tend to last for less than a year. Common examples are food, clothing, and gasoline. This is one of three categories of personal consumption expenditures in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are durable goods and services. Nondurable goods are about 30 percent of personal consumption expenditures and 20 percent of gross domestic product.

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APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time at a flea market looking to buy either a package of 4 by 6 index cards, the ones with lines or a 50 foot extension cord. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?

A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

AGI
Adjusted Gross Income
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