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NEEDS: This are often thought of as a physiological or biological requirement for maintaining life, such as the need for air, water, food, shelter, and sleep. Satisfaction is achieved by fulfilling needs. Physiological needs should be contrasted with psychological wants that make life more enjoyable but are not necessary to stay alive. However, when push comes to shove, and the nitty gets down to the gritty, it matters very little to markets if people need goods or want goods, so long as they are motivated to satisfy them. This motivation is what drives economic activity.

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Lesson 20: Federal Reserve System | Unit 2: What It Does Page: 6 of 20

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  • That the Fed is the entity responsible for ensuring that the economy has the proper amount of money.
  • The two reasons for controlling the money supply: (a) to avoid inflation and recession and (b) to ensure the value of money.
  • That when the United States did not have a central bank, the economy experienced periods of turmoil.
  • That the Federal Reserve System, established 1913, although not perfect, has helped stabilize the economy.

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NET NATIONAL PRODUCT

The total market value of all final goods and services produced by citizens of an economy during a given period of time, usually a year, after adjusting for the depreciation of capital. Net national product (NNP) has the same relation to net domestic product (NDP) as gross national product (GNP) has to gross domestic product (GDP). Net national product also has the same relation to gross national product that net domestic product has to gross domestic product. Like NDP, NNP is a measure of the net production in the economy.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a flower arrangement in a coffee cup for your father or a how-to book on meeting people. Be on the lookout for the last item on a shelf.
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The average bank teller loses about $250 every year.
"Wherever you go, no matter what the weather, always bring your own sunshine."

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