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AD-AS ANALYSIS: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The AS-AD model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).

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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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AVERAGE FIXED COST CURVE

A curve that graphically represents the relation between average fixed cost incurred by a firm in the short-run product of a good or service and the quantity produced. This curve is constructed to capture the relation between average fixed cost and the level of output, holding other variables, like technology and resource prices, constant. The average fixed cost curve is one of three average curves. The other two are average total cost curve and average variable cost curve. A related curve is the marginal cost curve.

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Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a replacement battery for your pocket calculator or a how-to book on home remodeling. Be on the lookout for strangers with large satchels of used undergarments.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"The greatest things ever done on Earth have been done little by little. "

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