A Story Often Told About the Emergence of Banks Is

question 85

Essay

A story often told about the emergence of banks is that banks first emerged from the activities of goldsmiths,who stored gold for a fee.Briefly describe this story.

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Definitions:

Marginal Benefit

The additional satisfaction or utility that a person receives from consuming one more unit of a good or service.

Marginal Social Cost

The additional cost to society of producing one extra unit of a good or service.

Garbage Disposal

A device installed under a kitchen sink that shreds food waste into small pieces to pass through plumbing.

Recycling

The process of converting waste materials into new products to prevent waste of potentially useful materials, reduce consumption of fresh raw materials, and lower energy usage and pollution.