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APP: The abbreviation of average physical product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average physical product, usually abbreviated APP, is found by dividing total physical product by the quantity of the variable input. Average physical product is actually just another name for average product (AP). But don't be confused by the extra term (physical).

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Lesson 20: Federal Reserve System | Unit 1: The Fed Page: 2 of 20

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The Federal Reserve System helps banks through a combination of regulation and emergency reserves.

First: It is central bank, a government established and/or sanctioned bank with assorted financial tasks, that regulates the banking system and controls the money supply. It is a decentralized central system with several banks spread around the country.

Second: It was established in 1913, in response to the Bank Panic of 1907, to prevent failed banks from shrinking the money supply and causing business cycle contractions.

Third: While it's original purpose was to provide banks with reserves, it more recently uses the money supply to conduct monetary policy and stabilize the business cycle.


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AUTONOMOUS GOVERNMENT PURCHASES

Government purchases by the government sector that do not depend on income or production (especially national income or gross domestic product). That is, changes in income do not generate changes in government purchases. Autonomous government purchases are best thought of as government purchases that the government sector undertake independent of income. They are measured by the intercept term of the government purchases line. The alternative to autonomous government purchases is induced government purchases, which do depend on income.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a pair of red and purple designer socks or a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for gnomes hiding in cypress trees.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. "

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