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BANKING: The industry consisting of financial intermediaries that maintain deposits (that is, the industry of banks). Banking is one of several financial industries, with insurance and stock trading two other notable examples. Firms that comprise the banking industry are traditional banks, savings and loan associations, credit unions, and mutual savings banks. Banking in modern economies is generally fractional-reserve banking, with banks acting as financial intermediaries and safekeepers of deposits.
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BALANCED-BUDGET MULTIPLIER A measure of the change in aggregate production caused by equal changes in government purchases and taxes. The balanced-budget multiplier is equal to one, meaning that the multiplier effect of a change in taxes offsets all but the initial production triggered by the change in government purchases. This multiplier is the combination of the expenditures multiplier, which measures the change in aggregate production caused by changes in an autonomous aggregate expenditure, and the tax multiplier which measures the change in aggregate production caused by changes in taxes.
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a rechargeable battery for your camera or a coffee cup commemorating the first day of spring. Be on the lookout for rusty deck screws.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
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FASB
Financial Accounting Standards Board
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