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FEDERAL RESERVE SYSTEM: THE central bank of the United States. It includes a Board of Governors, 12 District Banks, 25 Branch Banks, and assorted committees. The most important of these committees is the Federal Open Market Committee, which directs monetary policy. The Fed (as many like to call it) was established in 1913 and modified significantly during the Great Depression of the 1930s. It's duties are to maintain the stability of the banking system, regulate banks, and oversee the nation's money supply.
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Lesson 4: Production Possibilities | Unit 2: The Schedule
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Page: 6 of 24
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Topic:
Opportunity Cost
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Tradeoff between the production of jogging shoes and clock calibrators.- Resources are limited: Producing more of one good necessarily means producing less of the other.
- This tradeoff represents the concept of opportunity cost.
- Opportunity cost tells us how many pairs of jogging shoes are given up to produce each additional quartz clock calibrator.
- Opportunity cost of first calibrator is 5 pairs of shoes.
- Opportunity cost of second calibrator is 5 pairs of shoes.
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PLANNED ECONOMY An economy, or economic system, that relies heavily on central planning by government to allocate resources and answer the three basic questions of allocation. A planned economy is often a type of command economy, in which government uses its coercive powers to implement central planning allocation decisions.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at a flea market hoping to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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AACT
American Assocation of Commodity Traders
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