March 18, 2018 

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FEDERAL ADVISORY COUNCIL: A group consisting of Presidents from 12 commercial banks, one from each of the 12 Federal Reserve Districts. This council has no policy making role, but merely offers advice, suggestions, and feedback on how Federal Reserve policies are affecting commercial banks and their customers in non-bank public.

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Lesson 8: Market Shocks | Unit 4: Double Shifts Page: 16 of 20

Topic: Less Demand and More Supply <=PAGE BACK | PAGE NEXT=>

Here we have demand decreasing (tastes change) and supply increasing (technological breakthrough).
  • A decrease in demand causes a decrease in both price and quantity.
  • An increase supply causes price to decrease and quantity to increase.
  • The combined effect is an obvious decrease in price but a questionable change in quantity.
  • At the new equilibrium the quantity is indeterminant.
  • If demand and supply curve shift in opposite directions, then quantity is indeterminant, but price is known.

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Taxes and transfer payments that depend on the level of aggregate production and income such that they automatically dampen business-cycle instability without the need for discretionary policy action. Automatic stabilizers are a form of nondiscretionary fiscal policy that do not require explicit action by the government sector to address the ups and downs of the business cycle and the problems of unemployment and inflation.

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Today, you are likely to spend a great deal of time watching infomercials hoping to buy either a wall poster commemorating the first day of winter or blue cotton balls. Be on the lookout for crowded shopping malls.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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