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January 19, 2019 

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THIRD RULE OF INEQUALITY: The third of seven basic rules of the economy. It is a fact of life that resources, income, and wealth are not equally distributed. Some people have more and some people have less. Why is this so? We can look to the age-old distinction between nature and nurture for insight. On the nature side, some people are born with more talents, abilities and intelligence than others, which they use to gain ownership and control of income-generating and wealth-producing resources. On the nurture side, some people work harder to develop skills, acquire education, and uncover opportunities that lead to ownership and control of income-generating and wealth-producing resources (human capital).

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Lesson 19: Money Creation | Unit 5: Policy Page: 21 of 23

Topic: Reserve Ratio <=PAGE BACK | PAGE NEXT=>

Government controls money creation through two methods, one is reserve requirements.

The Federal Reserve has been given the authority over reserve requirements.

The Federal Reserve:

  • It sets the fraction of deposits a bank must keep in reserve.
  • The primary reason for this authority is to ensure the stability of banks and to facilitate check clearing.
Money supply control:
  • The Federal Reserve can ease money creation by reducing reserve requirements.
  • It can also make money creation more difficult by increasing reserve requirements.

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PERFECT COMPETITION

An ideal market structure characterized by a large number of small firms, identical products sold by all firms, freedom of entry into and exit out of the industry, and perfect knowledge of prices and technology. This is one of four basic market structures. The other three are monopoly, oligopoly, and monopolistic competition. Perfect competition is an idealized market structure that is not observed in the real world. While unrealistic, it does provide an excellent benchmark that can be used to analyze real world market structures. In particular, perfect competition efficiently allocates resources.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex trying to buy either a set of luggage with wheels or a birthday gift for your aunt. Be on the lookout for fairy dust that tastes like salt.
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Two and a half gallons of oil are needed to produce one automobile tire.
"You are never given a dream without also being given the power to make it true."

-- Richard Bach, Author

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