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ALLOCATIVE EFFICIENCY: Obtaining the most consumer satisfaction from available resources. Allocative efficiency means that our economy is doing the best job possible of satisfying unlimited wants and needs with limited resources -- that is, of addressing the problem of scarcity.

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Lesson 7: Market Equilibrium | Unit 1: The Exchange Page: 5 of 22

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  • The concept of markets as voluntary trades among buyers and sellers that is used to address the scarcity problem.
  • Four key points about markets:
    • They combine demand and supply.
    • They trade goods, services, and resources.
    • They are voluntary.
    • They are analyzed over a give time period.
  • Examples of different markets, ranging from a formal, organized stock market to a less formal, less organized rummage sale.
  • The nature of market equilibrium as a balance of the forces of demand and supply.
  • How market equilibrium is indicated by the equilibrium quantity and equilibrium price.
  • The importance of competition to the efficient operation of markets and how the number of participants determines competition among buyers and sellers.


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FRACTIONAL-RESERVE BANKING

A method of banking activity in which banks keep less than 100 percent of their deposits in the form of bank reserves and use the rest for interest-paying loans. Fractional-reserve banking makes it possible for banks to function as profit-seeking financial intermediaries (matching up lenders and borrowers) while ensuring the safety and liquidity of deposits, especially checkable deposits that are part of the economy's money supply.

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Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either blue cotton balls or a genuine down-filled pillow. Be on the lookout for malfunctioning pocket calculators.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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