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FACTOR SUPPLY: The willingness and ability of scarce resources or factors of production to offer their services for use in productive activities. Like other types of supply, factor supply relates price and quantity. Specifically, factor supply is the range of factor quantities that are supplied at a range of factor prices. This is one half of the factor market. The other half is factor demand. The factors of production subject to factor supply include any and all of the four scarce resources--labor, capital, land, and entrepreneurship. However, because labor involves human beings directly, it is the factor that tends to receive the most scrutiny and analysis.

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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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FLEXIBLE PRICES

The proposition that prices adjust in the long run in response to market shortages or surpluses. This condition is most important for long-run macroeconomic activity and long-run aggregate market analysis. In particular, flexible prices are the key reason for the vertical slope of the long-run aggregate supply curve. This proposition is also central to the original classical theory of macroeconomics and to modern variations, including rational expectations, new classical theory, and supply-side economics.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a lighted magnifying glass or a small, foam rubber football. Be on the lookout for small children selling products door-to-door.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"Lead the life that will make you kindly and friendly to everyone about you, and you will be surprised what a happy life you will lead."

-- Charles M. Schwab

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