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January 17, 2018 

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KNOWLEDGE ECONOMY: The notion that economic activity is oriented on the production and consumption of knowledge (or information), which is fundamentally different from economic activity oriented on the production and consumption of manufacturing or agricultural goods. The key to the knowledge economy is the widespread use of computers, the Internet, and other information-based technology. Differences in the knowledge economy result for the public goods nature of knowledge and information (that is, use by one does not exclude use by another).

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Lesson 20: Federal Reserve System | Unit 1: The Fed Page: 3 of 20

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  • The basics of how Clarence the King discovered the regulatory function of the modern banking system.
  • That the Federal Reserve System keeps banks operating through a combination of regulatory oversight and emergency reserves.
  • That the Federal Reserve is a central bank, which is a government established and sanctioned bank with assorted financial tasks.
  • That the Federal Reserve regulates the banking system and control the money supply.
  • That the Federal Reserve was established in 1913 to prevent failed banks from shrinking the money supply and causing business cycles contractions.

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PERFECTLY INELASTIC

An elasticity alternative in which changes in one variable (usually price) do NOT cause any changes in another variable (usually quantity). Quantity is totally, completely unresponsive to price. Quantity just does not change, regardless of changes in price. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Perfectly inelastic is one of five elasticity alternatives. The other four are perfectly elastic, relatively elastic, relatively inelastic, and unit elastic.

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Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for slow moving vehicles with darkened windows.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"Being defeated is only a temporary condition; giving up is what makes it permanent."

-- Marilyn vos Savant, Author

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