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INCOME: Revenue earned or received by households that can be used for consumption or saving. For the aggregate economy, earned income is termed national income, while received income is termed personal income. The key is that income for the aggregate economy is generated in the production of goods and services.

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Lesson 20: Federal Reserve System | Unit 3: The Fed Pyramid Page: 10 of 20

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Commercial banks form the base of the Federal Reserve pyramid.

Prior to the 1980's:

  • The Fed automatically included only national banks.
  • State and local banks could chose to become members of the Fed.
  • S&Ls, credit unions, and mutual savings banks didn't offer checking accounts and were not part of the system.

Legislation passed in the 1980's brought all checkable-deposit-issuing institutions into the Federal Reserve System.

  • The Federal Reserve pyramid rests on the non-bank public: households, businesses, and government agencies.

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TOTAL REVENUE, MONOPOLY

The revenue received by a monopoly firm for the sale of its output. Total revenue is one two bits of information a monopoly firm needs to calculate economic profit, the other is total cost. In general, total revenue is price times quantity--the price received for selling a good times the quantity of the good sold at that price. For a monopoly firm, that charges different prices for different quantities, total revenue increases then decreases. Two other revenue measures directly related to total revenue are average revenue and marginal revenue. Total revenue is often depicted as a total revenue curve.

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ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time at a garage sale looking to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for neighborhood pets, especially belligerent parrots.
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In the early 1900s around 300 automobile companies operated in the United States.
"Well done is better than well said. "

-- Benjamin Franklin, statesman, inventor

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