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INDUCED IMPORTS: Imports from the foreign sector that depend on domestic income or production (especially national income and gross domestic product). That is, changes in income induce changes in imports. Induced imports are measured by the marginal propensity to import (MPM) and are reflected by a positive slope of imports line. Induced imports are the reason for induced net exports, generating a negatively sloped net exports line. Autonomous net exports are due to a combination of autonomous exports and autonomous imports.

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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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MARGINAL FACTOR COST, MONOPSONY

The change in total factor cost resulting from a change in the quantity of factor input employed by a monopsony. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for infected paper cuts.
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