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GOALS: Five basic conditions of the economy that are generally desired by society. They are typically divided into macro goals (full employment, stability and growth) and micro goals (efficiency and equity).
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Lesson 20: Federal Reserve System | Unit 2: What It Does
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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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IN-KIND PAYMENTS A payment, usually in exchange for the productive efforts of resources, that takes the form of goods and services produced by the resource buyer rather than the economy's standard monetary unit (that is, dollars). In other words, resource owners are compensated with a portion of the output that they help to produce. The standard method of compensation, which is illustrated by the circular flow model, is for a firm to pay resource owners using money revenue received from selling its production. Hence most factor payments are monetary payments. However, in some circumstances firms and resource owners find it more convenient to use actual production for compensation, eliminating the sell-production-for-money step.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"Executives who get there and stay suggest solutions when they present the problems. " -- Malcolm Forbes, business executive
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X-M
Net Exports
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