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PERFECTLY INELASTIC: An elasticity alternative in which changes in price do NOT cause any change in quantity. In other words, quantity is totally, completely unresponsive to price. Quantity just does not change, regardless of changes in price. Perfectly inelastic should be compared with other elasticity alternatives--perfectly elastic, relatively elastic, relatively inelastic, and unit elastic.

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Lesson 20: Federal Reserve System | Unit 3: The Fed Pyramid Page: 8 of 20

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The 7-member Board of Governors is the policy making body of the Fed.

The Board of Governors:

  • The Board sets the regulations, rules and policies affecting the money supply and the commercial banking system.
  • Each member of the Board is appointed by the President and approved by the Senate to a 14-year term, with terms staggered every two years.
  • The system is designed to keep the Board non-political: the Board is NOT supposed to be working for the President.
  • The Fed is relatively independent of Congress, too.

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LABOR

The mental and physical human efforts used in the production of goods and services. This is one of four basic categories of resources, or factors of production. The other three are capital, land, and entrepreneurship.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time at an auction hoping to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for pencil sharpeners with an attitude.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
"When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, I used everything you gave me."

-- Erma Bombeck, writer

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American Economic Review
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