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BANKS: Financial intermediaries that function as depository institutions, maintaining deposits, making loans, and directly controlling the checkable deposits portion of the economy's money supply. As financial intermediaries, banks match up lenders and borrowers, using deposits for loans. However, banks are also responsible for maintaining liquid checkable deposits that are used as money for the economy. The generic term "banks" or "commercial banks" is used in reference to traditional banks, as well as checking-account issuing thrift institutions--credit unions, savings and loan associations, and mutual savings banks.
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Lesson 16: Perfect Competition | Unit 5: Evaluation
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Page: 28 of 28
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In this unit, you should have learned about:- The good of perfect competition, including that it efficiently allocations resources by equating price and marginal cost, produces at the lowest possible cost by equating price and average cost, and ensures not be a normal profit.
- The bad of perfect competition, including that it provides no incentives for innovation and growth, is exceedingly due because every good is the same, and can be misused by policy markers if they fail to recognized that it is an idealized model.
- Why perfect competition, with no market control, is a benchmark for evaluating the efficiency of firms (monopoly, monopolistic competition, and oligopoly) that do have market control.
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AGGREGATE MARKET SHOCKS Disruptions of the equilibrium in the aggregate market (or AS-AD model) caused by shifts of the aggregate demand, short-run aggregate supply, or long-run aggregate supply curves. Shocks of the aggregate market are associated with, and thus used to analyze, assorted macroeconomic phenomena such as business cycles, unemployment, inflation, stabilization policies, and economic growth. The specific analysis of aggregate market shocks identifies changes in the price level (GDP price deflator) and real production (real GDP). Changes in the price level and real production have direct implications for the unemployment rate, the inflation rate, national income, and a host of other macroeconomic measures.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials trying to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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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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ATC
Average Total Cost
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