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OPEC: The common abbreviation for the Organization of Petroleum Exporting Countries, which is an international organization of more than a dozen nations located primarily in the Middle East, Africa, and Central America that controls a sizeable portion of the world's petroleum reserves. This control over oil reserves gives OPEC significant market control, which it has been inclined to exert from time to time. The most noted time was the 1970s. OPEC raised oil prices from a scant $2 to $3 a barrel in the early 1970s to over $30 a barrel by the end of the decade. As an group of independent oil-producing nations seeking to monopolize the market, OPEC represents a textbook example of an cartel.
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Lesson 20: Federal Reserve System | Unit 3: The Fed Pyramid
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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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CONTRACTIONARY FISCAL POLICY A form of fiscal policy in which a decrease in government purchases, an increase in taxes, and/or a decrease in transfer payments are used to correct the inflationary problems of a business-cycle expansion. The goal of contractionary fiscal policy is to close an inflationary gap, restrain the economy, and decrease the inflation rate. Contractionary fiscal policy is often supported by contractionary monetary policy. An alternative is expansionary fiscal policy.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a how-to book on surfing the Internet or a computer that can play music and burn CDs. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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Lombard Street is London's equivalent of New York's Wall Street.
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"Intense concentration hour after hour can bring out resources in people they didn't know they had. " -- Edwin Land, inventor, entrepreneur
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LCH
Life Cycle Hypothesis
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