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August 20, 2014 

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FEDERAL RESERVE DISTRICTS: The 12 geographic areas of the United States that form the administrative division of the Federal Reserve System. Each of the 12 Districts is headed by a Federal Reserve District Bank and is generally designated by the Reserve Bank City--Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco. Federal Reserve Branch Banks are located in 10 of the 12 Districts.

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ABSOLUTE ADVANTAGE

The general ability to produce more goods or services using fewer resources. A person or country has an absolute advantage in production largely due to superior technology or greater technical efficiency. A related, but contrasting concept is comparative advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.

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State of the ECONOMY

Real Average Hourly Earnings
July 2014
$10.28
No change from June 2014

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time wandering around the shopping mall hoping to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?

Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"A successful man is one who can lay a firm foundation with the bricks others have thrown at him. "

-- David Brinkley, newsman

UTP
Unfair Trade Practice
A PEDestrian's Guide
Xtra Credit
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