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RULE OF CONSUMER EQUILIBRIUM: A condition of consumer equilibrium and utility maximization stating that the marginal utility-price ratio for all goods are equal. This rule is a handy way of checking for consumer equilibrium and utility maximization. If the rule is not satisfied, then consumer equilibrium and utility maximization are not achieved.

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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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DERIVATION, SAVING LINE

A saving line, a graphical depiction of the relation between household sector saving and income, can be derived from the consumption line. The saving line can also be derived by plotting the saving-income information from a saving schedule or using the slope and intercept values of the saving function. However, derivation from the consumption line emphasis the connection between consumption and income--that the household sector uses a portion of income for consumption and a portion for saving.

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Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for high interest rates.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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