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OPEN MARKET OPERATIONS: The Federal Reserve System's buying and selling of government securities in an effort to alter bank reserves and subsequently the nation's money supply. These actions, under the direction of the Federal Open Market Committee, are the Fed's number one, most effective, most often used tool of monetary policy. If, for example, the Fed wants to increase the money supply (termed easy money) it buy's government securities. If the Fed chooses to reduce the money supply (called tight money) it sells some government securities.
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Lesson 14: Production | Unit 3: Product Curves
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Page: 14 of 25
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- How total, average, and marginal product react to changes in the variable input is determined by the law of diminishing marginal returns:
MP curve - Note the "hump-shape" of the curve, with increasing marginal product followed by decreasing then negative marginal product.
- The negatively-sloped portion of the curve is due to the law of diminishing marginal returns.
TP curve - Note that marginal product is the slope of the TP curve.
AP curve - Marginal product and average product are related by the average-marginal rule, which applies to the averages and marginals for any given variable.
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OWNERSHIP AND CONTROL Having simultaneous legal "title" to a resource, good, or commodity and the ability to determine how the resource, good, or commodity is used. Ownership means that having legal title. Control means having the ability to determine use.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction seeking to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"A leader, once convinced that a particular course of action is the right one, must . . . be undaunted when the going gets tough." -- President Ronald Reagan
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RPI
Retail Price Index
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