Examlex
Suppose that from a new checkable deposit,First National Bank holds two million dollars in vault cash,eight million dollars on deposit with the Federal Reserve,and nine million dollars in excess reserves. Given this information,we can say First National Bank has ________ million dollars in required reserves.
Economic Rent
Amount that firms are willing to pay for an input less the minimum amount necessary to obtain it.
Factor Of Production
Resources used in the creation of goods and services, typically categorized into land, labor, capital, and sometimes entrepreneurship.
Supply Curve
A graphical representation of the relationship between the price of a good and the quantity supplied.
Marginal Revenue Product
The extra income obtained by using an additional unit of a production input while keeping other inputs unchanged.
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