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INCREASING OPPORTUNITY COST: The proposition that opportunity cost, the value of foregone production, increases as more of a good is produced. This 'law' is most important to the slope of the production possibilities curve. It generates the convex shape of the curve, making the curve flat at the top and steep at the bottom.
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Lesson 20: Federal Reserve System | Unit 4: Monetary Policy
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Page: 17 of 20
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In addition to open market operations, discount rate, and reserve requirements, the Fed has an additional tool called moral suasion. Moral suasion: - It is a policy in which the Fed, usually the Chairman of the Board of Governors, requests that the banking system take some sort of action.
- These requests are usually contrary to what banks are currently doing and likely to do under current economic conditions.
- Moral suasion can and does work in the short run, especially during crisis periods.
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AVERAGE PROPENSITY TO CONSUME The proportion of household income that is used for consumption expenditures. The average propensity to consume (abbreviated APC) is really nothing more than average consumption. Together with the average propensity to save, it indicates how a given level of income is divided between consumption and saving. A related consumption measure is the marginal propensity to consume.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center looking to buy either a coffee cup commemorating next Thursday or a replacement remote control for your stereo system. Be on the lookout for jovial bank tellers.
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This isn't me! What am I?
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"If you don't have time to do it right, when will you have time to do it over?" -- John Wooden, Basketball coach
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P&L
Profit and Loss
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