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LABOR MARKET: A market that exchanges the services of labor resources. For the macroeconomy, this is a critical aspect of the aggregate resource markets, especially the short-run condition of rigid prices. Labor market wages tend to be rigid in short run. Such wage rigidity, was well as other short run problems, prevent labor markets from achieve equilibrium. The result is either unemployment or overemployment, both of which prevent long-run equilibrium in the aggregate market.

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Lesson 20: Federal Reserve System | Unit 1: The Fed Page: 1 of 20

Topic: King Clarence <=PAGE BACK | PAGE NEXT=>

A key player in the medieval money game: Clarence the King. Clarence is the government regulator.

Because Fred practices fractional-reserve banking like modern banks, he has a problem:

  • Several knights redeem their gold receipts at the same time, but Fred does not have sufficient reserves.
  • King Clarence provides Fred with enough gold to satisfy the knights.
  • If Fred's banking operation ceases to exist, economic prosperity is also in jeopardy.
  • King Clarence decides to watch Fred to make sure that he keeps enough gold in reserve to avoid similar problems.
This is how King Clarence sort of 'discovers' the regulatory function of the modern banking system.

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OPPORTUNITY COST

The highest valued alternative foregone in the pursuit of an activity. Opportunity cost is a one of the most fundamental concepts used in the study of economics. An opportunity cost can be either explicit, usually involving a monetary payment, or implicit, which does not involve a transaction. Opportunity cost is also commonly termed economic cost.

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APLS

BLUE PLACIDOLA
[What's This?]

Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a lazy Susan for you dining room table or a set of serrated steak knives, with durable plastic handles. Be on the lookout for rusty deck screws.
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This isn't me! What am I?

A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. "

-- Steve Jobs, Apple Computer founder

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Latin American Free Trade Area
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