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HYPOTHESIS: A reasonable proposition about the workings of the world that's inspired or implied by a theory and which may or may not be true. An hypothesis is essentially a prediction made by a theory that can be compared with observations in the real world. Hypotheses usually take the form: "If A, the also B." The essence of the scientific method is to test, or verify, hypotheses against real world data. If supported by data over and over again, hypotheses become principles.

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Lesson 20: Federal Reserve System | Unit 2: What It Does 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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WHAT?

The allocation question that determines the types and quantities of goods and services produced with society's limited resources. What goods and services are produced with society's limited resources? This is one of three basic questions of allocation. The other two are How? and For Whom?

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ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either a how-to book on wine tasting or a bookshelf that will fit in your closet. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"Wherever you go, no matter what the weather, always bring your own sunshine."

-- Anthony J. D'Angelo

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National Credit Union Administration
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