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AGGREGATE EXPENDITURE EQUATION: An equation indicating that aggregate expenditures (AE) are the sum of consumption expenditures (C), investment expenditures (I), government purchases (G), and net exports (X-M), stated as: AE = C + I + G + (X-M). This equation surfaces in the Keynesian economic income-expenditure model in the form of the aggregate expenditures line. However, it's also central throughout the study of macroeconomics, including aggregate demand and the measurement of gross domestic product.

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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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AVERAGE FACTOR COST CURVE

A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.

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Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either a wall poster commemorating last Friday (you know why) or a country wreathe. Be on the lookout for malfunctioning pocket calculators.
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The average bank teller loses about $250 every year.
"The greatest barrier to success is the fear of failure."

-- Sven Goran Eriksson, writer

FITW
Federal Income Tax Witholding
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