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APC: The abbreviation for average propensity to consume, which is the proportion of income, usually measured as disposable income or national income, used for household consumption expenditures. It is found by dividing consumption by income. The average propensity to consume, abbreviated APC, most often pops up in discussions of Keynesian economics. The average propensity to consume is the average amount of total household income that is devoted consumption expenditures.

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Lesson Contents
Unit 1: The Fed
  • King Clarence
  • What It Is
  • Unit 1 Summary
  • Unit 2: What It Does
  • Money Control
  • Instability
  • Unit 2 Summary
  • Unit 3: The Fed Pyramid
  • Overview
  • Top
  • Middle
  • Base
  • Unit 3 Summary
  • Unit 4: Monetary Policy
  • Overview
  • Overview: Graphs
  • Open Market Operations
  • Discount Rate
  • Reserve Requirements
  • Moral Suasion
  • Unit 4 Summary
  • Unit 5: Issues
  • Policies
  • Unit 5 Summary
  • Course Home
    Federal Reserve System

    In this lesson, we take a detailed look at the government entity that is directly responsible for controlling the money supply and undertaking business-cycle stabilizing monetary policy -- the Federal Reserve System. The Federal Reserve System is the U.S. economy's number one bank regulator. And they do this regulation with the goal of ensuring the that the nation has just the right about money to avoid high rates of unemployment and inflation. To understand how the Federal Reserve System does it's job, we take a close look at how it is structure and policy tools it has under its' control.

    • The first unit introduces the Federal Reserve System, with a discussion of King Clarence and his role in assisting the operations of Fred the Goldsmith.
    • In the second unit we take a look at the importance of controlling the banking system, and the consequences if the control is ineffective.
    • The structure of the Federal Reserve System is examined in the third unit, with the highlights being the Chairman of the Federal Reserve System and the Federal Open Market Committee.
    • The fourth unit then explores the assorted policy tools used by the Federal Reserve System to control the banking system and the money supply, including open market operations, discount rate, and reserve requirements.
    • We close out this lesson in the fifth unit with a few thoughts on the role politics play in the formulation of monetary policies.

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    RECESSIONARY GAP, KEYNESIAN MODEL

    The difference between equilibrium aggregate production achieved in the Keynesian model and full-employment aggregate production that occurs when equilibrium aggregate production is less than full-employment aggregate production. A recessionary gap, also termed a contractionary gap, is associated with a business-cycle contraction. The prescribed Keynesian remedy for a recessionary gap is expansionary fiscal policy. This is one of two alternative output gaps that can occur when equilibrium generates production that differs from full employment. The other is an inflationary gap.

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    APLS

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    Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a stretchable, flexible watch band or high-gloss photo paper that works with your printer. Be on the lookout for a thesaurus filled with typos.
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    -- Henry David Thoreau, philosopher

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