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BANK: A financial organization that accepts deposits, makes loans, and directly controls a significant portion of the nation's money supply. In the olden days of the economy (before 1980), a bank was easy to identify because it had the word "bank" in it's name -- such as "First National Bank", "Second National Bank", etc. However, after several laws were passed in the early 1980s to reform and deregulate the banking industry, the term bank has come to functionally include other financial institutions that previously went by the titles of "Savings and Loan," "Credit Union," and "Mutual Savings Banks." These institutions are operationally considered banks because they all perform "banking" functions -- especially accepting checking account deposits and making loans.

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Lesson 22: Factor Supply | Unit 2: Resources Page: 12 of 25

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • Similarities and differences among the four resource categories -- labor, capital, land, and entrepreneurship.
  • How the satisfaction generated by working leads to compensating wages and a backward-bending supply curve.
  • The interaction between financial markets, financial and physical capital, and the internal use of capital services.
  • That the factor supply of land depends the productive service provide -- space or materials.
  • The relation between entrepreneurship and risk and the importance of an entrepreneur's risk preference.


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TAXES

Legally mandated payments to government that are NOT made in exchange for a good or service. The primary reason government collects taxes is the revenue needed to pay for government expenditures, especially administrative expenses and the provision of public goods. Taxes are one of two methods of obtaining the revenue the government sector uses to pay for expenditures. The other is government borrowing.

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APLS

GREEN LOGIGUIN
[What's This?]

Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for deranged pelicans.
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This isn't me! What am I?

In the early 1900s around 300 automobile companies operated in the United States.
"The time to repair the roof is when the sun is shining."

-- John F. Kennedy, 35th U. S. president

ANOVA
Analysis of Variance
A PEDestrian's Guide
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