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FOMC: The abbreviation for Federal Open Market Committee, which is a part of the Federal Reserve System that's specifically responsible for directing open market operations, and is more generally charged with guiding the nation's monetary policy. The FOMC includes the 7 members of the Fed's Board of Governors and 5 of the 12 presidents of Federal Reserve District Banks. The chairman of the Federal Reserve System is also the chairman of the FOMC. By design, the 7 members of the Board of Governors can always outvote the 5 district bank presidents. The FOMC meets every 45 days to evaluate monetary policy.
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Lesson 2: Economic Science | Unit 5: Cause and Effect
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Page: 19 of 20
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Advertising is unlikely to be the DIRECT cause of greater sales and production.- First link: Advertising increases buyers' preferences.
- Second link: Buyers' preferences increase market demand and market price.
- Third link: Higher price induces suppliers to increase production.
Scientific answer:- The increase in sales and production are caused by higher prices, which is caused by greater demand, which is caused by a change in buyers' preferences, which is caused by advertising.
- The goal of the scientific study of economics is to identify these distinct, but interrelated cause-and-effect principles.
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MONEY FUNCTIONS Any item used as money in an economy automatically takes on four basic functions: (1) medium of exchange, (2) unit of account, (3) store of value, and (4) standard of deferred payment. While "buying and selling" means that money is THE medium of exchange, and by far THE most important function of money, money also performs unit of account, store of value, and standard of deferred payment functions.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a replacement battery for your pocket calculator or a how-to book on home remodeling. Be on the lookout for strangers with large satchels of used undergarments.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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IBRD
International Bank for Reconstruction and Development
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