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FEDERAL DEPOSIT INSURANCE CORPORATION: A program established by Congress in 1933, during the worst of the Great Depression, to insure the deposits of failed banks. Abbreviated FDIC, it operates operates much like any private insurance company. It collects insurance premiums from its customers--the banks--in return for the assurance that it will stand behind, or be ready to pay off, any deposits that the banks can't.
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VALUE The worth members of society place on a good, service, resource, commodity, or other asset, which is based on the direct or indirect satisfaction of wants and needs generated. In an economy that uses markets to exchange commodities, value is commonly indicated by price and measured by the economy's monetary unit.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"To understand a man, you must know his memories. The same is true of a nation." -- Anthony Quayle, Actor
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LRAC
Long Run Average Cost
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