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January 19, 2020 

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FED PYRAMID: A simple little diagram that depicts the structure of the Federal Reserve System, which is in the shape of triangle (hence the not totally accurate term "pyramid"), with a large base that comes to a peak. The base of the pyramid contains thousands of commercial banks, which rests on a foundation of the millions of people who make up the nonbank public. The middle of the pyramid includes 37 Federal Reserve Banks, including 12 District Banks and 25 Branch Banks. Resting at the top of the pyramid is the Board of Governors, with the Chairman at the very, very top. The top also has two notable offshoots -- the Federal Open Market Committee and the Federal Advisory Council.

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AXES: Two number lines that are joined at a right angle such that they intersect at their zero points (called the origin). The vertical axis is by convention termed the Y-axes and the horizontal axis is termed the X-axis. These axes are used to locate or plot pairs of numbers in coordinate space, one value for the X-variable coordinate and a corresponding value for the Y-variable coordinate. More often than not, coordinate number pairs are used to plot relationships that can be connected by one or more lines. This line construction procedure is one of the more powerful tools used by economists. Economists typically analyze relationships between two variables, such as price and quantity demanded. By letting one axis measure price and the other measure quantity demanded, these axes form the framework, the guidelines if you will, for constructing a demand curve (the relationship between price and quantity demanded). Once we have an abstract relationship graphed out, then it can be used to perform all sorts of economic analysis.

     See also | origin | vertical axis | horizontal axis | curve | slope | quantity demanded | demand curve | economic analysis |


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AXES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2020. [Accessed: January 19, 2020].


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INSTITUTION

An established method or way of performing an activity that is widely accepted throughout society. Institutions provide the rules, guidelines, and structure needed to carry out day-to-day economic activities, such as production, consumption, and exchange.

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Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either a large flower pot shaped like a Greek urn or a small palm tree that will fit on your coffee table. Be on the lookout for the happiest person in the room.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
"You are never given a dream without also being given the power to make it true."

-- Richard Bach, Author

WLS
Weighted Least Squares
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