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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 9: Consumer Demand | Unit 2: Total Utility
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Page: 6 of 22
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Topic:
A Measure Of Satisfaction
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- Total utility is the total satisfaction of wants and needs obtained from the use or consumption of a good and service.
Utility and Demand - The analysis of demand involves making total-utility comparisons for different quantities of a good.
Utils - In the real world, utility is not measurable.
- However, in the unreal world of economic instruction, it is convenient to assignment measurement units to utility.
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AVERAGE FACTOR COST, MONOPSONY Total factor cost per unit of factor input employed by a monopsony in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"Success is more a function of consistent common sense than it is of genius. " -- An Wang, industrialist
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NORC
National Opinion Research Center
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