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DEBIT CARD: An increasing popular means of accessing the funds in a bank checking account. While debit cards look (and taste) almost exactly like credit cards, they are fundamentally different in how they are processed on a bank's end of the transaction. A credit card works through a liability (a loan with the bank). A debit card works through an asset (a checkable deposit with the bank). As such, debit cards are better suited for the title "plastic money" than credit cards.

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Lesson 14: Production | Unit 4: Long-Run Production Page: 18 of 25

Topic: Returns To Scale <=PAGE BACK | PAGE NEXT=>

  • The key principle guiding long-run production is returns to scale.

  • Returns to scale are the changes in production that results when all resources are change proportionally in the long run.
  • Firms typically operate in one of three returns to scale alternatives:

    • Increasing returns to scale

    • Decreasing returns to scale

    • Constant returns to scale

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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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Today, you are likely to spend a great deal of time at a flea market wanting to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for neighborhood pets, especially belligerent parrots.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"All things are difficult before they are easy."

-- Thomas Fuller, Physician

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