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VERIFIED PRINCIPLE: A generally accepted, verified, fundamental law of nature that has been tested against and verified with real world data. A verified principle begins as an hypotheses implied by a theory, which is then compared against real world observations. If the hypothesis is consistently supported by data, it achieves the rank "verified" principle. This should be contrasted with unverifiable axiom.
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Lesson 13: The Firm | Unit 5: The Bigger Picture
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Page: 22 of 24
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Topic:
Market Structures
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Highlights of four market structures.- Perfect Competition
Perfect competition is a market with a large number or relatively small firms that sell virtually identical products and that have ease of movement into and out of the market. - Monopoly
Monopoly is a market with a single seller of a good with virtually no close substitutes. - Monopolistic Competition
Monopolistic competition is a market with a large number or relatively small firms that sell similar but not identical products and that have ease of movement into and out of the market. - Oligopoly
Oligopoly is a market with a small number or relatively large firms.
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REQUIRED RESERVES The reserves (vault cash and Federal Reserve deposits) that banks are required by government to keep to back up deposits. The primary use of required reserves is to process daily checkable deposit transactions. The government regulator in charge of setting reserve requires is the Federal Reserve System. Required reserves are usually in the range of 3 to 10 percent for checkable deposits and substantially less (0 percent) for savings deposits. Any legal reserves held by banks over those required to back deposits, termed excess reserves or free reserves, are available for interest-generating loans.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a package of 3 by 5 index cards, the ones without lines or a blue mechanical pencil. Be on the lookout for slightly overweight pizza delivery guys.
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This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"The best way to cheer yourself up is to try to cheer somebody else up." -- Mark Twain
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RPI
Retail Price Index
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