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FEDERAL TRADE COMMISSION ACT: This antitrust law passed in 1914 created the Federal Trade Commission to clarify which practices and activities were illegal under antitrust laws. The Federal Trade Commission Act was one of three major antitrust laws passed in the late 1800s and early 1900s. The other two were the Sherman Act and the Clayton Act. In particular, the Federal Trade Commission was responsible for setting the standards for what constituted unfair competition and for investigating business activities that might lead to monopolization of a market or restraint of trade. The Whealer-Lea Act, passed in 1938, was a major amendment t the Federal Trade Commission Act.

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Lesson 4: Production Possibilities | Unit 2: The Schedule Page: 8 of 24

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  • How a production possibilities schedule is set up to display bundles of two different goods.
  • How to work with and interpret a simple production possibilities schedule.
  • How and why the production tradeoff between two goods reflects opportunity cost.
  • The law of increasing opportunity cost and how it is indicated by increasing negative opportunity cost numbers in the production possibilities schedule.


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FEDERAL ADVISORY COUNCIL

A support committee of the Federal Reserve System that provides advice and input the Federal Reserve Board of Governors. The Federal Advisory Council (FAC) is comprised of 12 members, one from each of the 12 Federal Reserve Districts. The council members, typically commercial bank presidents from the 12 districts, are appointed by their Federal Reserve District Banks. The FAC is one of three Federal Reserve Board advisory committees. The other two Consumer Advisory Council and Thrift Institutions Advisory Council.

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APLS

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Today, you are likely to spend a great deal of time at the confiscated property police auction wanting to buy either a square lamp shade with frills along the bottom or an electric coffee pot with automatic shutoff. Be on the lookout for broken fingernail clippers.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
"There is no point at which you can say, „Well, I'm successful now. I might as well take a nap.¾"

-- Carrie Fisher, actress, writer

WTO
World Trade Organization
A PEDestrian's Guide
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