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SAVING LINE: A graphical depiction of the relation between household saving and household disposable income. The slope of this line is positive, greater than zero, less than one, and goes by the name marginal propensity to save. The vertical intercept of the saving line is autonomous saving. The saving and investment, or leakage and injection, analysis used in Keynesian economics begins with the saving line. Because consumption is the difference between disposable income and saving, the consumption line is a complementary relation to the saving line.

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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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TOTAL UTILITY

The total satisfaction of wants and needs obtained from the use or consumption of a good or service. This is the cumulative amount of utility generated from consuming a good over a given time period. Total utility is most often used in consumer demand theory to indicate how much overall satisfaction someone obtains from a given activity. The primary behavioral motivation used in consumer demand theory is the goal of maximizing total utility. Total utility is also used to derive marginal utility.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a birthday gift for your father that doesn't look like every other birthday gift for your father or a green fountain pen. Be on the lookout for vindictive digital clocks with revenge on their minds.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

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