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HEDONIC PRICING MODEL: A statistical model used to identify factors or influences on the price of good based on the notion that price is based on both intrinsic characteristic and external factors. The hedonic pricing model is most commonly used in the housing market in which the price of housing is based on the physical characteristics of the house (size, appearance, features) and the surrounding neighborhood (accessibility to schools and shopping, quality of other houses, availability of public services). Estimating hedonic prices makes it possible to identify the extent to which specific factors affect the price.

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Lesson 20: Federal Reserve System | Unit 4: Monetary Policy Page: 18 of 20

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  • That monetary policy is controlling the money creation activity of the fractional-reserve banking system to control deposits and the money supply.
  • That expansionary monetary policy increases aggregate demand up to full employment and contractionary monetary policy decreases aggregate demand back to full employment.
  • The four tools of monetary policy: open market operations, discount rate, reserve requirements, and moral suasion.
  • How open market operations are used by the Fed to control the money supply.
  • That the discount rate is used by the Fed to signal the intentions of the open market operations.
  • That reserve requirements are the regulations the Fed uses to ensure banks keep enough reserves to back deposits.
  • That moral suasion is a policy in which the Fed requests that the banking system take some sort of action.

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AVERAGE PRODUCT AND MARGINAL PRODUCT

A mathematical connection between average product and marginal product stating that the change in the average product depends on a comparison between the average product and marginal product. If marginal product is less than average product, then average product declines. If marginal product is greater than average product, then average product rises. If marginal product is equal to average product, then average product does not change.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a how-to book on fine dining or a coffee cup commemorating the first day of winter. Be on the lookout for pencil sharpeners with an attitude.
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The average bank teller loses about $250 every year.
"Wherever you go, no matter what the weather, always bring your own sunshine."

-- Anthony J. D'Angelo

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