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PHYSICAL WEALTH: The ownership of productive resources, capital, and property and satisfaction-generating goods. Also termed real wealth. This should be contrasted with financial wealth that is based on ownership of financial or paper assets.

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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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AVERAGE FACTOR COST CURVE

A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.

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[What's This?]

Today, you are likely to spend a great deal of time flipping through the yellow pages wanting to buy either a green fountain pen or a handcrafted bird house. Be on the lookout for defective microphones.
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This isn't me! What am I?

Lombard Street is London's equivalent of New York's Wall Street.
"Executives who get there and stay suggest solutions when they present the problems. "

-- Malcolm Forbes, business executive

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