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OMO: The abbreviation for open market operations, which is the Federal Reserve System's buying and selling of government securities in an effort to alter bank reserves and subsequently the nation's money supply. These actions, under the direction of the Federal Open Market Committee, are the Fed's number one, most effective, most often used tool of monetary policy. If, for example, the Fed wants to increase the money supply (termed easy money) it buy's government securities. If the Fed chooses to reduce the money supply (called tight money) it sells some government securities.

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Lesson Contents
Unit 1: Getting Started
  • Overview
  • Assumptions
  • Limitations
  • Unit 1 Summary
  • Unit 2: The Schedule
  • Set Up
  • Opportunity Cost
  • Changing Cost
  • Unit 2 Summary
  • Unit 3: The Curve
  • Plot
  • Connecting Points
  • Slope and Cost
  • Shape
  • Unit 3 Summary
  • Unit 4: Analysis
  • Full Employment
  • Unemployment
  • Growth
  • Resource Quantity and Quality
  • Unit 4 Summary
  • Unit 5: Investment
  • Overview
  • Bundle Choices: A
  • Bundle Choices: E
  • Bundle Choices: I
  • Scarcity
  • Unit 5 Summary
  • Course Home
    Production Possibilities

    In this lesson we'll take a trip through production possibilities. Production possibilities is a handy little analysis that lets us consider what the economy is capable of doing, production-wise. We'll see how a production possibilities curve, the cornerstone of this analysis, is derived and how it can be used to understand several important concepts, including opportunity cost, unemployment, investment, and economic growth.

    • The first unit, Getting Started, begins this lesson by laying the foundations for production possibilities analysis, especially assumptions and limitations.
    • We turn out attention in the second unit, The Schedule, to the production possibilities schedule, a simple table that gives us a first shot on this analysis.
    • The production possibilities curve is then derived from the production possibilities schedule in the third unit, The Curve, with particular emphasis on the importance of opportunity cost
    • In the fourth unit, Analysis, we make use of the production possibilities analysis for an understanding of three important concepts: full employment, unemployment, and economic growth.
    • And lastly, the fifth unit, Investment, uses production possibilities to analyze investment in capital goods as a means of achieving economic growth.

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    CIVILIAN LABOR FORCE

    Everyone in the economy, 16 years of age or older, who is neither institutionalized nor in the military, and is either employed or unemployed but actively seeking employment. The civilian labor force is the "official" specification for the national economy's labor supply. It is used for such calculations as the unemployment rate and the labor force participation rate. In particular, the unemployment rate is technically specified as the "percent of the civilian labor force that is unemployed." The size of the civilian labor force (along with the wildly popular unemployment rate) is estimated monthly by the Bureau of Labor Statistics (BLS) from data generated by the Current Population Survey (CPS).

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    APLS

    BEIGE MUNDORTLE
    [What's This?]

    Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for strangers with large satchels of used undergarments.
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    This isn't me! What am I?

    Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
    "We tend to forget that happiness doesn't come as a result of getting something we don't have, but rather of recognizing and appreciating what we do have."

    -- Fredrick Koeing

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