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PERFECTLY ELASTIC: An elasticity alternative in which infinitesimally small changes in price cause infinitely large changes in quantity. In other words, quantity is hyper, super, infinitely responsive to price. Any change in price, no matter how small triggers an infinite change in quantity. Perfectly elastic should be compared with other elasticity alternatives--perfectly inelastic, relatively elastic, relatively inelastic, and unit elastic.
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Lesson 20: Federal Reserve System | Unit 2: What It Does
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Page: 5 of 20
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The United States had two attempts at central banking in the late 1700s and early 1800s. From 1836 to 1913, a period marked by perpetual economic turmoil, the United States had no central bank. With no central bank: - Banks played fast and loose with deposits and loans.
- They came up short of reserves and were forced to shut down, taking deposits with them.
- When deposits evaporated, so too did the financial wealth of customers and part of the money supply.
- Bank closings were seldom isolated events, bank panics usually spread rapidly throughout the economy.
- Without money, production went unsold and resources were unemployed.
- The Federal Reserve System was established in 1913. although imperfect, it has helped stabilize the economy.
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CONSERVATIVE A political view that favors--(1) limited government intervention in the economy, (2) extensive reliance on markets, (3) strong national defense, (4) protection and promotion of existing cultural ideals and beliefs, and (5) economic rewards predominately based on productive efforts.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a replacement battery for your pocket calculator or a how-to book on home remodeling. Be on the lookout for strangers with large satchels of used undergarments.
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More money is spent on gardening than on any other hobby.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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AOQ
Average Outgoing Quality
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