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AGGREGATE: A common modifier for an assortment of economic terms used in the study of macroeconomics that signifies a comprehensive, often national, total value. This modifier most often surfaces in the study of the AS-AD, or "aggregate market", model of the economy with such terms as aggregate demand and aggregate supply. For example, aggregate demand indicates the total demand for production in the macroeconomy and aggregate supply indicates the total amount of that output produced. Two other noted "aggregate" terms are aggregate expenditures and aggregate production function.
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Lesson 20: Federal Reserve System | Unit 4: Monetary Policy
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Page: 12 of 20
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The Federal Reserve controls banks as a means of controlling the money supply. A more specific definition: Monetary policy is controlling the money creation activity of the fractional-reserve banking system to control deposits and the money supply to affect business-cycle fluctuations. Early tasks of the Fed: - To keep banks in business and to avoid serious reductions in bank reserves that would shrink financial wealth and money supply.
What the Fed does now: - Manipulate the money supply by manipulating reserves.
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AXIOM A basic precondition or assumption underlying a theory. Axioms are basic, unverifiable world view assumptions--including personal beliefs, political views, and cultural values--that form the foundation of a theory.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for deranged pelicans.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"Education is the ability to listen to almost anything without losing your temper or your self-confidence. " -- Robert Frost
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KLIC
Kullback-Leibler Information Criterion
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