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ABSOLUTE POVERTY LEVEL: The amount of income a person or family needs to purchase an absolute amount of the basic necessities of life. These basic necessities are identified in terms of calories of food, BTUs of energy, square feet of living space, etc. The problem with the absolute poverty level is that there really are no absolutes when in comes to consuming goods. You can consume a given poverty level of calories eating relatively expensive steak, relatively inexpensive pasta, or garbage from a restaurant dumpster. The income needed to acquire each of these calorie "minimums" vary greatly. That's why some prefer a relative poverty level.

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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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IMPLEMENTATION LAG

The time lag that occurs after a government policy designed to correct an economic problem has been selected and the actual execution of the policy. The implementation lag is based the time it takes for government agencies, which can be slow and methodical, to carry out the designated policy. This "inside lag" is one of four policy lags associated with monetary and fiscal policy. The other two "inside lags" are recognition lag and decision lag, and one "outside lag" is implementation lag. All four policy lags can reduce the effectiveness of business-cycle stabilization policies and can even destabilize the economy.

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Today, you are likely to spend a great deal of time at a dollar discount store looking to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for telephone calls from former employers.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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