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GOLDSMITH MONEY CREATION: An illustration of the basic money creation process undertaken by banks using the hypothetical activities of a hypothetical goldsmith. The goldsmith profession of Medieval Europe provides insight into the modern banking business, including the seemingly magical ability of banks to create valuable money out of inputs with significantly less value.
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Lesson 11: Elasticity Basics | Unit 1: The Concept
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Page: 4 of 25
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Topic:
Some Definitions
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- The working, measurement based definition goes something like this:
- Elasticity is the percentage change of one variable relative to the percentage change in another variable.
- When applied to market analysis, specific elasticity definitions work for both demand and supply:
- The price elasticity of demand is the percentage change in quantity demanded resulting from a percentage change in demand price.
- The price elasticity of supply is the percentage change in quantity supplied resulting from a percentage change in supply price.
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LAND The naturally occurring resources used in the production of goods and services, including the land itself; the minerals and nutrients in the ground; the water, wildlife, and vegetation on the surface; and the air above. Land also includes the productive dimensions of space and accessibility. This is one of four basic categories of resources, or factors of production. The other three are labor, capital, and entrepreneurship.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store looking to buy either a solid oak entertainment center or a remote controlled ceiling fan. Be on the lookout for the happiest person in the room.
Your Complete Scope
This isn't me! What am I?
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
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IRBNE
Income Received But Not Earned
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