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LEGAL RESERVES: The total amount of vault cash or Federal Reserve deposits of a bank. These are the only bank assets that can be used legally to satisfy reserve requirements.

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Lesson 5: Market Demand | Unit 4: Determinants Page: 17 of 20

Topic: Ch...Ch...Changes <=PAGE BACK | PAGE NEXT=>

The difference between:
  • Demand, the whole range of prices and quantities
  • Quantity demanded, a specific quantity demanded at a specific price.
The difference between:
  • Change in demand, we are changing, moving, shifting, the entire demand curve, the whole set of prices and quantities is changing. The five determinants change the demand.
  • Change in quantity demanded, we have moved to a new quantity on an same demand curve. Only the price of the good changes the quantity demanded.
  • This difference lets us analyze cause and effect.
  • Don't confuse these two.

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TIEBOUT HYPOTHESIS

The notion that people relocate from one political jurisdiction to another in search of a more preferred package of government taxes and spending. Named after economist Charles Tiebout, this hypothesis suggests that people "shop" for compatible government activity in the same way they might shop for a car, a house, or a flavor of ice cream. However, shopping for a preferred government package is influenced by other factors affecting migration.

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APLS

BLUE PLACIDOLA
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?

The average length of a "business lunch" is about 36 minutes.
"For a writer, published works are like fallen flowers, but the expected new work is like a calyx waiting to blossom."

-- Cao Yu, Playwright

LRTC
Long Run Total Cost
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