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INCOME STATEMENT: A statement of the revenues, expenditures, and profit for a business, household, or government entity over a given period of time. An income statement also goes by the names profit and loss statement, earnings report, and operating statement. This is one of two key financial statements for an entity. The other is a balance sheet, which is a statement of assets, liabilities, and net worth at a given point in time.

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Lesson 20: Federal Reserve System | Unit 3: The Fed Pyramid Page: 7 of 20

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The structure of the Federal Reserve:
  • Chairman of the Board of Governors: the boss of the Fed.
  • Board of Governors: 7 people, usually economists who make big decisions.
  • Federal Reserve Banks: 37 banks dispersed throughout the country.
  • Commercial Banks: traditional banks, credit unions, savings and loan associations and mutual savings banks.
  • The Non-Bank Public: people, businesses, and government agencies using commercial banking services.

  • The Federal Open Market Committee (FOMC) is critical for money supply control.
  • The Federal Advisory Council (FAC), isn't quite as important.

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MARGINAL RETURNS

The change in the quantity of total product resulting from a unit change in a variable input, holding all other inputs fixed. Marginal returns is an older and more generic term for marginal product. While marginal product has largely replaced marginal returns in most discussions of short-run production, the phrase does persist in a few terms like the law of diminishing marginal returns.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"Well done is better than well said. "

-- Benjamin Franklin, statesman, inventor

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