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APC: The abbreviation for average propensity to consume, which is the proportion of income, usually measured as disposable income or national income, used for household consumption expenditures. It is found by dividing consumption by income. The average propensity to consume, abbreviated APC, most often pops up in discussions of Keynesian economics. The average propensity to consume is the average amount of total household income that is devoted consumption expenditures.
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Lesson 19: Money Creation | Unit 2: Fred Returns
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Page: 5 of 23
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Let's do a review of our story of Fred the Goldsmith.- Fred the Goldsmith, has developed several modern banking functions.
- Gold, his raw material, is also the economy's medium of exchange, so he has found the SAFEKEEPING function.
- Requests to store extra gold owned by Bill the Knight and others is the DEPOSITORY function of modern banks.
- Requests to borrow gold by Elizabeth the Innkeeper, has led to the LENDING function of modern banks.
- The need to keep some of the gold deposited, but not all of it, has led to the modern banking function of backing deposits with reserves, FRACTIONAL-RESERVE banking.
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MARGINAL PHYSICAL PRODUCT The change in the quantity of total physical product resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal physical product, usually abbreviated MPP, is found by dividing the change in total physical product by the change in the variable input. Marginal physical product, which more often goes by the name marginal product (MP), is one of two measures derived from total physical product. The other is average physical product.
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BLACK DISMALAPOD [What's This?]
Today, you are likely to spend a great deal of time watching infomercials wanting to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for slightly overweight pizza delivery guys. Your Complete Scope
This isn't me! What am I?
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"An idea is never given to you without you being given the power to make it reality." -- Richard Bach, Author
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DPI Disposable Personal Income
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