Commercial Banks Another

Commercial Banks Another

Commercial Banks, another name for joint-stock banks.

Committee on Public Accounts, a select committee of the House of Commons which receives the report of the Comptroller and Auditor General. The report has two main purposes: to ensure (1)that expenditure has been approved by Parliament, (2) that it has been spent on the objects specified by Parliament.

Commodity, comprises articles which are perfect substitutes for one another. This meaning is narrower and more precise than that of popular usage. For example, in everyday language one would refer to butter as a commodity, but consumers are not indifferent between English, New Zealand, Danish, Dutch and blended butters, and in economics they are therefore regarded as five different commodities. Similarly, Danish butter in Denmark is not the same commodity as Danish butter in Britain, and Danish butter in June is not the same commodity as Danish butter in December. In addition to being distinguished from one another by quality, distance and time, commodities may be further differentiated by packaging, branding and advertising.

Commodities are defined in this narrow way because demand conditions and often supply conditions are different for goods which are not perfect substitutes and in consequence their outputs and prices must be explained separately. For example, standard record players and hi-fl equipment both reproduce sound; but they are demanded by people in different age groups with different incomes and different tastes, and they are supplied by firms using different production techniques and distributive channels and retail outlets.

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Since then his writings have in turn been increasingly reinterpreted as a special case both by some followers and by some economists who had not wholly accepted his writings. The content of economics is in a state of change, and this site is therefore not a final statement of economic doctrine.

Economics is in the last resort a technique of thinking. The reader will therefore need to make an intellectual effort, more substantial for some web entries than for others, to get the most interest and value out of this website.