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NATURAL UNEMPLOYMENT RATE: The rate of unemployment that occurs when the economy is at full employment. This rate is primarily composed of frictional and structural unemployment.
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Lesson 14: Production | Unit 1: Short-Run Production
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Page: 4 of 25
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- A couple of other time periods can also come into play for assorted firms:
- Market Period:
- The market period is a time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed.
- Very Long Run:
- The very long run is a time in which all inputs in the production process are variable and the technology and assorted social institutions affecting production can change.
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OPEN MARKET OPERATIONS The buying and selling of U.S. Treasury securities by the Federal Reserve System (the Fed) as a means of a controlling the money supply. An increase in the money supply is achieved when the Fed buys securities. A decrease in the money supply is achieved when the Fed sells securities. The Federal Open Market Committee is the specific component of the Federal Reserve System that is charged with open market operations. Open market operations are the most important of the three monetary policy tools that the Fed can use, in principle, to control the money supply. The other two are the discount rate and reserve requirements.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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Lombard Street is London's equivalent of New York's Wall Street.
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"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better." -- Elizabeth Stuart Phelps, Writer
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IROR
Internal Rate of Return
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