March 17, 2018 

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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 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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A curve that graphically represents the relation between average revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a perfectly competitive firm's output.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius seeking to buy either a case of blank recordable DVDs or a pair of red goulashes with shiny buckles. Be on the lookout for infected paper cuts.
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More money is spent on gardening than on any other hobby.
"If football taught me anything about business, it is that you win the game one play at a time."

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