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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 23: Factor Market Equilibrium | Unit 1: Intro Page: 3 of 24

Topic: Equilibrium <=PAGE BACK | PAGE NEXT=>

  • Let's review the notion of equilibrium.

  • Equilibrium is the state that exists due to a balance between opposing forces, which remains unchanged until another force intervenes.
  • Once achieved, equilibrium persists unless or until it is disrupted by an outside force.

  • Equilibrium in the factor market works much the same, with the two opposing forces being:

    • Factor Demand
    • Factor Supply

  • When these two opposing forces of factor demand and factor supply are in balance, we have factor market equilibrium.

  • Should the factor market be out of equilibrium, then like any other market, it can experience a surplus or a shortage.

  • A factor market surplus, especially in labor markets, is more commonly termed unemployment.


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AGGREGATE SUPPLY INCREASE, SHORT-RUN AGGREGATE MARKET

A shock to the short-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the short-run aggregate supply curve. An increase in aggregate supply in the short-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a brown leather attache case or car battery jumper cables. Be on the lookout for mail order catalogs with hidden messages.
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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.
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