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TFC: The abbreviation for total fixed cost, which is cost of production that does NOT change with changes in the quantity of output produced by a firm in the short run. Total fixed cost is one part of total cost. The other is total variable cost. At any and all levels of output, fixed cost is the same. It doesn't change. This includes cost that is not dependent on, or unrelated to, production. The best way to identify fixed cost is to produce zero output. Fixed cost is incurred whether or not any output is produced. A cost measure directly related to total fixed cost is average fixed cost.

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Lesson 19: Money Creation | Unit 4: The Multiplier Page: 19 of 23

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  • That a multiplier captures the magnified relationship between deposit creation and extra bank reserves.
  • That the multiplier can be expressed with an equation: D = mR.
  • That the key to the deposit multiplier is required reserves and that the deposit multiplier is the inverse of the reserve ratio.
  • Other factors that influence the total amount of money created:
    • Banks keep excess reserves.
    • Money leaks out checkable deposits into savings deposits.
    • Customers keep some deposit-creating loans in cash.
  • That the Federal Reserve uses a complex money multiplier in trying to control the amount of money circulating in the economy.

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INCOME EFFECT

The change in quantity demanded that results because a change in the demand price of a good affects real income (that is, the purchasing power of income) even though nominal income remains the same. This is one of two reasons, or effects, underlying the law of demand and the negative slope of the market demand curve. The other is the substitution effect.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either a country wreathe or galvanized steel storage shelves. Be on the lookout for a thesaurus filled with typos.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. "

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