Management and Organizational Studies 3370A/B Lecture Notes - Lecture 3: Net Income, Liquor Control Board Of Ontario, Over-The-Counter (Finance)

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 3370A/B
• Professor: Maria Ferraro

Document Summary

Finance: is the study of how and under terms savings (money) are transferred between lenders and borrowers. Whenever funds are transferred a financial contract comes into existence, called financial securities. Individuals, who are referred to as the household sector. Assets and liabilities that are held by non-residential households, businesses, or governments are referred to as the non-residential sector. Real assets: are the tangible things that comprise personal and business assets. Personal assets: include homes, the land that the homes are on, and the major appliances within these homes. Financial assets: is a claim that an individual or institution has on another. The basic idea behind the national balance sheet association (nbsa) is to collect data on the major agents within the financial system and track the borrowing and lending between these agents. The two major real assets of households are consumer durables and land.