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LEGAL RESERVES: The total amount of vault cash or Federal Reserve deposits of a bank. These are the only bank assets that can be used legally to satisfy reserve requirements.
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KEYNESIAN AGGREGATE SUPPLY CURVE An aggregate supply curve--a graphical representation of the relation between real production and the price level--that reflects the basic principles of Keynesian economics. The Keynesian aggregate supply curve actually comes in two versions. The basic version is reverse-L shaped, with a horizontal segment connected to a vertical segment at a sharp corner. The modified version is also reverse-L shaped, but the vertical and horizontal segments have positive slopes and connecting corner is rounded. An alternative is the classical aggregate supply curve.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials trying to buy either a package of 3 by 5 index cards, the ones without lines or a blue mechanical pencil. Be on the lookout for telephone calls from former employers.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"The marvelous thing about human beings is that we are perpetually reaching for the stars. The more we have, the more we want. And for this reason, we never have it all. " -- Joyce Brothers, psychologist
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GNP
Gross National Product
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