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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 2: Economic Science | Unit 3: Verification
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Page: 10 of 20
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Ceteris Paribus Assumption: In order to test an hypothesis we need to keep constant other factors that may affect it. Other things are called ceteris paribus factors. The last step in the process is to evaluate the hypothesis. We have two possibilities-data and hypothesis agree-- data and hypothesis don't agree. The data and hypothesis agree. - Because we can not prove an absolute, this possibility gives us support for the hypothesis, but not absolute proof that it is correct.
- To get a proof, we need to test the hypothesis many times under several different conditions. But even then, we can not be 100%, absolutely certain.
- With growing certainty of the validity of the hypothesis, it becomes a principle and is added to the theory for an expanded theory.
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AVERAGE REVENUE, MONOPOLY The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopoly average revenue is greater than marginal revenue. Average revenue for a monopoly is often depicted by a negatively-sloped average revenue curve.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for poorly written technical manuals.
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A half gallon milk jug holds about $50 in pennies.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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MU
Marginal Utility
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