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CHAIRMAN OF THE BOARD OF GOVERNORS: The head of the Federal Reserve Board of Governors and the Federal Reserve System. This is the guy in charge of monetary policy and is considered to be one of the two or three most powerful people in terms of the national and global economy. The Chairman is one of the seven members of the Board and serves as Chairman for a five-year term. The Fed Chairman also serves as Chairman of the powerful Federal Open Market Committee, the Fed Committee that sets the course of monetary policy.

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Lesson 4: Production Possibilities | Unit 3: The Curve Page: 9 of 24

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We can transform the schedule of production possibility numbers into a graph.
  • Each bundle can be represented by a point in two dimensional production possibilities space.
  • The two dimensions of the space are clock calibrators on the horizontal axis and jogging shoes on the vertical axis.
  • The horizontal axis is measured between 0 and 11 calibrators.
  • The vertical axis is measured between 0 and 500 jogging shoes.
  • The two axis are joined at the origin.
  • The plotted bundles form a semi-circle pattern.
  • If these were stars in the night sky we might name it the arc of production. But it's not, so we won't.

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MARGINAL PHYSICAL PRODUCT

The change in the quantity of total physical product resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal physical product, usually abbreviated MPP, is found by dividing the change in total physical product by the change in the variable input. Marginal physical product, which more often goes by the name marginal product (MP), is one of two measures derived from total physical product. The other is average physical product.

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Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a genuine down-filled snow parka or throw pillows for your living room sofa. Be on the lookout for the last item on a shelf.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
"Follow effective action with quiet reflection. From the quiet reflection will come even more effective action. "

-- Peter F. Drucker, author

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Confederation of British Industry
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