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ADVISORY COUNCILS, FEDERAL RESERVE SYSTEM: Three support committees that provide feedback to the Board of Governors of the Federal Reserve System to assist in its assorted regulatory responsibilities, including Federal Advisory Council, Thrift Institutions Advisory Council, and Consumer Advisory Council. The Federal Advisory Council is a broad ranging council comprise of commercial bankers. The Thrift Institutions Advisory Council is comprised of representatives of thrift institutions. The Consumer Advisory Council is comprised of consumer credit representatives.

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Lesson 15: Aggregate Market | Unit 3: Doing Curves Page: 15 of 22

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  • The long-run equilibrium of the aggregate market achieved at the intersection of the aggregate demand and long-run aggregate supply curves.
  • What happens when the price level is above or below the long-run equilibrium price level.
  • The short-run equilibrium of the aggregate market achieved at the intersection of the aggregate demand and short-run aggregate supply curves.

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GOVERNMENT PURCHASES

Expenditures made by the government sector on final goods and services, or gross domestic product. Government purchases are used to buy the goods and services needed to operate the government (such as administrative salaries) and to provide public goods (including national defense, highway construction). These purchases are one of two major categories of government spending, the other is transfer payments. Government purchases are financed by a mix of taxes and borrowing and are categorized by the three levels of government: federal, state, and local governments. These are one of four expenditures on gross domestic product. The other three are consumption expenditures, investment expenditures, and net exports.

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On a typical day, the United States Mint produces over $1 million worth of dimes.
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