What Are Economies of Scope? An economy of scope means that the production of one good reduces the cost of producing another related good. Economies of scope occur when producing a wider variety of goods or services in tandem is more cost effective for a firm than producing less of a variety, or producing each
What Is an Economist? An economist is an expert who studies the relationship between a society’s resources and its production or output. Economists study societies ranging from small, local communities to entire nations and even the global economy. The expert opinions and research findings of an economist are used to help shape a wide variety
What Is an Economy? An economy is a complex system of interrelated production, consumption, and exchange activities that ultimately determines how resources are allocated among all the participants. The production, consumption, and distribution of goods and services combine to fulfill the needs of those living and operating within the economy. An economy may represent a
What Is Electronic Check Presentment (ECP)? Electronic check presentment (ECP) is a process that allows financial institutions to exchange digital images of checks instead of paper to increase the speed of the check-cashing process. The signing of the Check Clearing for the 21st Century Act (Check 21) by President Bush on October 28, 2003, permitted
What Is the Earnings Credit Rate (ECR)? The earnings credit rate (ECR) is a daily calculation of interest that a bank pays on customer deposits. The earnings credit rate is often correlated with the U.S. Treasury bill (T-bill) rate. ECRs are rates that banks impute to offset service charges. Because depositors leave balances in non-interest bearing accounts
What Is an Edge Act Corporation? An Edge Act corporation (EAC) is a subsidiary of a U.S. or foreign bank that engages in foreign banking operations; these subsidiaries are named after the 1919 Edge Act, which authorized them. The Edge Act, named after the U.S. senator who sponsored it, was an amendment to the Federal Reserve Act of
What Is the EDGX? EDGX Exchange is a U.S. equities exchange operated by CBOE U.S. Equities. Key Takeaways EDGX Exchange is a U.S. equities exchange operated by CBOE U.S. Equities.CBOE Global Markets acquired Bats Global Markets and now operates the BZX Exchange and BYX Exchange along with EDGX and EDGA.EDGX and CBOE members are registered
Who Is Edmund S. Phelps? Edmund S. Phelps is a New Keynesian economist, economics professor, Director of the Center on Capitalism and Society at Columbia University, and winner of the 2006 Nobel Prize in Economic Sciences for his macroeconomic research. Key Takeaways Edmund Phelps is an American New Keynesian economist and professor at Columbia University.Phelps
What Is EdTech? EdTech (a combination of “education” and “technology”) refers to hardware and software designed to enhance teacher-led learning in classrooms and improve students’ education outcomes. EdTech is still in the early stages of its development, but it shows promise as a method of customizing a curriculum for a student’s ability level by introducing
What Is an Education Tax Credit? Education tax credits are available for taxpayers who pay qualified higher education expenses for an eligible student to an eligible educational institution, such as a college or university. The two types of education tax credits are the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). Key
