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OWNER-OCCUPIED HOUSING: Houses that are, quite simply, occupied by the owners. A person, or family, owns a house and lives in it. The contrast is with rental property, in which owners rent their houses out to others. Owner-occupied housing is important for the estimation of gross domestic product because it involves current production but has no market transactions. As such, the value of housing services have to be estimated before inclusion in gross domestic product.
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Lesson 19: Money Creation | Unit 5: Policy
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Page: 23 of 23
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- That the money creation process and its control is the key to understanding the role that money plays in the economy.
- Checkable deposits are directly under the control of commercial banks, which makes government's money control a difficult task.
- That since the mid 1980's, money creation has been under control. The economy has been generally strong and growing.
- Government controls money creation through two methods: reserve requirements and to control reserves directly.
- The Federal Reserve can make money creation easier (more difficult) by reducing (increasing) reserve requirements, which would expand (restrict) the money supply; or by adding to or subtracting from bank reserves.
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AVERAGE FACTOR COST CURVE, PERFECT COMPETITION A curve that graphically represents the relation between average factor cost incurred by a perfectly competitive firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a perfectly competitive firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a birthday greeting card for your mother that doesn't look like a greeting card or a handcrafted spice rack. Be on the lookout for poorly written technical manuals.
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
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"Long-range goals keep you from being frustrated by short-term failures " -- J. C. Penney, Retailer
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EER
European Economic Review
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