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LONG-RUN PRODUCTION: An analysis of the production decision made by a firm in the long run. The central feature of this long-run analysis is returns to scale, which results in the long run even though all inputs are variable. Returns to scale are reflected in the long-run average cost curve as either economies to scale or diseconomies to scale.

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Lesson 20: Federal Reserve System | Unit 2: What It Does Page: 4 of 20

Topic: Money Control <=PAGE BACK | PAGE NEXT=>

The Fed is responsible for ensuring that the economy has the proper amount of money in circulation.
  • In the old days, governments controlled the money supply by printing and minting money.
  • In modern times, with bank checkable deposits in the money supply, the Fed controls money by controlling banks.

Two reasons:

  • First: Too much money causes inflation and too little money leads to recession and unemployment. The challenge is to keep enough money in circulation.
  • Second: Money is absolutely essential in a modern complex economy. Faith in the value of fiat money is best provided by a centralized, national government that has the authority to ensure the value of money.

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AVERAGE REVENUE

The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. Using the longer term average revenue rather than price provides a connection to other related terms, especially total revenue and marginal revenue. When compared with average cost, average revenue indicates the amount of profit generated per unit of output produced. Average revenue is often depicted by an average revenue curve.

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Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a combination CD player, clock radio, and telephone (with answering machine) or a revolving spice rack. Be on the lookout for a thesaurus filled with typos.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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