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BANKING: The industry consisting of financial intermediaries that maintain deposits (that is, the industry of banks). Banking is one of several financial industries, with insurance and stock trading two other notable examples. Firms that comprise the banking industry are traditional banks, savings and loan associations, credit unions, and mutual savings banks. Banking in modern economies is generally fractional-reserve banking, with banks acting as financial intermediaries and safekeepers of deposits.
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Lesson 9: Macro Basics | Unit 1: The Macroeconomy
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Macroeconomics is the study of the entire economy, the aggregate economy. Microeconomics is the study of parts of the economy.- Economists first studied parts of the economy (markets, demand, supply, and prices), what we now call microeconomics.
- The Great Depression of 1930's, motivated economists led by John Maynard Keynes, to study macroeconomics.
Microeconomics and macroeconomics have their own principles, theories, and phenomena. Both are part of economics and each is intertwined with the other.- The macroeconomy affects microeconomic decisions.
- Microeconomic decisions affect the macroeconomy.
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PRICE DISCRIMINATION The act of selling the same good to different buyers for different prices that are not justified by different production costs. This is practiced by suppliers who have achieved some degree of market control, especially monopoly. Common examples of price discrimination are electricity rates, long-distance telephone charges, movie ticket prices, airplane ticket prices, and assorted child or senior citizen discounts. Price discrimination takes the form of one of three degrees: (1) first degree, in which each price is the maximum price that buyers are willing and able to pay, (2) second degree, in which price is based on the quantity sold, and (3) third degree, in which prices are based on an easily identifiable characteristic of the buyer.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either a 50 foot extension cord or a combination CD player, clock radio, and telephone (with answering machine). Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"Nothing is a waste of time if you use the experience wisely. " -- Auguste Rodin, Sculptor
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APR
Annual Percentage Rate
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