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VALUE IN EXCHANGE: The ability to trade an item, especially money, for other goods and services that can then be used to satisfy wants and needs. Value in exchange means that value, that is satisfaction, is obtained indirectly through the acquisition of something else. For an item to have value in exchange it need NOT have value in use, value obtained directly from the consumption of a good or service.
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GOLDSMITH BANKING: An analysis of banking functions based on the semi-realistic activities of the goldsmith profession of Medieval Europe. Because the gold used a production inputs by goldsmiths was also used as money, they developed many modern banking functions, including maintaining deposits, making loans, keeping reserves, and creating money. While the story of goldsmith banking is often embellished for instructional purposes, it does contain the essence of how goldsmiths operated as banks. See also | banking | banks | fractional-reserve banking | bank reserves | traditional banks | savings and loan associations | credit unions | mutual savings banks | thrift institutions | money | M1 | profit | industry | monetary economics | government functions | financial markets | liquidity | money creation | Federal Reserve System | Federal Deposit Insurance Corporation | central bank | monetary policy | bank panic | bank run | monetary aggregates | barter |
Recommended Citation:GOLDSMITH BANKING, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: March 17, 2025].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: goldsmith banking
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AGGREGATE SUPPLY INCREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the short-run aggregate supply curve. An increase in aggregate supply in the short-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"If football taught me anything about business, it is that you win the game one play at a time." -- Fran Tarkenton, Football Player
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LRMC
Long Run Marginal Cost
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