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WIDGET: A fictitious good commonly used by economic instructors to demonstrate economic principles or undertake hypothetical analyses. For example, the analysis of short-run production for a firm might be demonstrated through the production of widgets. Alternatively, the law of demand might be illustrated with a table or curve comparing the price of widgets with the quantity demanded of widgets. If such a good exists, and there is no clear evidence that widgets have every existed, it is a small mechanical device, constructed of interlocking cogs, several knobs, and at least one handle. Widgets are most often used when thingamajigs and dohickies are unavailable.

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Lesson 20: Federal Reserve System | Unit 5: Issues Page: 19 of 20

Topic: Policies <=PAGE BACK | PAGE NEXT=>

Politics are never far from economics, especially when doing economic policies.
  • Some people prefer lower unemployment and higher inflation, while others would rather have higher unemployment and lower inflation.
  • If the Chairman of the Fed is inclined for lower unemployment and higher inflation, then the Fed is more likely to do expansionary monetary policy.
  • If the Chairman of the Fed is inclined for higher unemployment and lower inflation, then the Fed is more likely to do contractionary monetary policy.

Federal Reserve founders took special steps to avoid an overtly political affiliation, to avoid making the Fed part of the current administration.


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THIRD-DEGREE PRICE DISCRIMINATION

A form of price discrimination in which a seller charges different prices to groups that are differentiated by an easily identifiable characteristic, such as location, age, sex, or ethnic group. This is the most common type of price discrimination. This is one of three price discrimination degrees. The others are first-degree price discrimination and second-degree price discrimination.

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APLS

ORANGE REBELOON
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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a flower arrangement for your aunt or a birthday greeting card for your uncle. Be on the lookout for defective microphones.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"Executives who get there and stay suggest solutions when they present the problems. "

-- Malcolm Forbes, business executive

DIDC
Depository Institutions Deregulation Committee
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