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EURODOLLARS: Bank accounts denominated in U.S. dollars but held in banks outside of the United States. This is notable because banks typically maintain deposits in their domestic currency. Deposits in a German bank, for example, would be denominated in German marks. Originally Eurodollars were dollar deposits in European banks (hence the term "Eurodollars"). However, the notion of deposits held by a bank in currency other than that of the domestic economy has become a common practice around the world. Eurodollars are near monies added to M1 to obtain broader monetary aggregates, M2 and M3.
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INFERIOR GOOD A good for which a change in income causes an opposite change in demand. That is, an increase in income causes a decrease in demand and a decrease in income causes an increase in demand. The income elasticity of demand for an inferior good is negative. An inferior good is one of two alternatives falling within the buyers' income demand determinant. The other is a normal good.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either a large flower pot shaped like a Greek urn or a small palm tree that will fit on your coffee table. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"You are never given a dream without also being given the power to make it true." -- Richard Bach, Author
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IRPP
Institute for Research on Public Policy
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