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SHORT-RUN PRODUCTION: An analysis of the production decision made by a firm in the short run, with the ultimate goal of explaining the law of supply and the upward-sloping supply curve. The central feature of this short-run analysis is the law of diminishing marginal returns, which results in the short run when larger amounts of a variable input, like labor, are added to a fixed input, like capital. This analysis of short-run production is but the first step in a brisk walk toward a better understanding of supply. Further steps include the cost of short-run production, especially marginal cost, and the market structure in which a firm operates, such as perfect competition or monopoly.

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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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FACTOR PAYMENTS

Payments made to scarce resources, or the factors of production (labor, capital, land, and entrepreneurship), in return for productive services. Factor payments are frequently categorized according to the services of the productive resource being rewarded. Wages are paid for the services of labor; interest is the payment for the services of capital, rent is the services for land, and profit is the factor payment to entrepreneurship.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time at a flea market seeking to buy either a handcrafted spice rack or a cell phone case. Be on the lookout for neighborhood pets, especially belligerent parrots.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
"The roots of education are bitter, but the fruit is sweet."

-- Aristotle, philosopher

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Functional Central Limit Theorem
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