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BANK RESERVES: The "money" that banks use to conduct day-to-day business, including cashing checks, satisfying customers's withdrawals, and clearing checks between accounts at different banks. The "money" in question includes vault cash and Federal Reserve deposits. Specifically, vault cash is the paper money and coins that a bank keeps on the bank premises (both in the vault and in teller drawers), which is used to "cash" checks and otherwise provide the funds that customers withdraw. Federal Reserve deposits are accounts that banks keep with the Federal Reserve System, which are used to process, in a systematic, centralized fashion, the millions of checks written each day by customers of one bank that are deposited by customers of another bank. Using these deposits, the Fed acts as a central clearing house for checks, being able to simultaneously debit the account of one bank and credit the account of another. More on the importance of bank reserves can be found under fractional-reserve banking.
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Lesson 9: Consumer Demand | Unit 4: The Curves
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Page: 17 of 22
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Topic:
Marginal Utility
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- The marginal utility curve is what provides the greatest insight into market demand and the law of demand.
- The points plotted come from an infinite number of points that capture the relation between total utility and time at the beach.
- Let's make a few observations about this curve.
- The marginal utility curve is negatively slope.
- It starts at a relatively high value, 12 utils, then declines as quantity increases.
- The negative slope and decline in the marginal utility curve illustrates the law of diminishing marginal utility.
- These observations are consistent with those made for the marginal utility schedule.
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NATURAL RESOURCES The naturally occurring resources that are naturally a part of our natural planet which are directed toward production--including land, water, wildlife, vegetation, air, climate, sunshine, mineral deposits, and soil nutrients. Natural resources provide the materials that are used to produce all tangible products in the economy.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for high interest rates.
Your Complete Scope
This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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AAT
Association of Accounting Technicians
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