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SEVENTH RULE OF COMPLEXITY: The seventh of seven basic rules of the economy. It is the observation that the world is complex, that every action has direct and often intended consequences and indirect and probably unintended effects (that is, cause and effect). A few of the more noted illustrations of this seventh rule are the circular flow (especially the expenditure multiplier) and market failures (especially externalities).

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Lesson 20: Federal Reserve System | Unit 3: The Fed Pyramid Page: 11 of 20

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  • The structure of the Fed, which is composed of: (a) Chairman of the Board of governors, (b) Board of Governors, (c) Federal Reserve Banks, (d) commercial banks, and (e) the non-bank public.
  • That the Board of Governors is the policy making body of the Fed, which sets the regulations, rules and policies affecting the money supply and the commercial banking system.
  • That the Fed is largely independent of the President and Congress.
  • The Federal Open Market Committee, which is responsible for monetary policy.
  • The Federal Advisory Council, which is totally advisory, does not set policy nor impose regulations.
  • That there are 37 Federal Reserve Banks responsible for implementing the policies and regulations of the Board of Governors.
  • Commercial banks that form the base of the Federal Reserve pyramid.

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PRODUCT LIFE CYCLE

The different stages that a product traverses over the course of its life from initial availability (birth) to eventual unavailability (death). The key stages are development, introduction, growth, maturity, saturation, and decline. The product life cycle, represented by an S-shaped curve, is an adaptation of the biological life cycle and is common to the study of marketing. It is also important in the analysis of innovation and economic instability. In addition to biological growth, comparable S-shaped life cycles are found in short-run production of a firm, the growth of a person's income, the acquisition of knowledge, and the development of a civilization.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for gnomes hiding in cypress trees.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"The roots of education are bitter, but the fruit is sweet."

-- Aristotle, philosopher

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