March 21, 2018 

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LEGAL RESERVES: The total amount of vault cash or Federal Reserve deposits of a bank. These are the only bank assets that can be used legally to satisfy reserve requirements.

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FULL EMPLOYMENT: In principle, this is when all of our economy's resources are being used to produce output. This is one of the five economic goals, specifically one of the three macro goals (the other two are economic growth and stability). In practice, our economy is considered to be at full employment when the unemployment rate is around 5 to 5 1/2 percent and the capacity utilization rate is about 85 percent. This unemployment rate includes structural and frictional unemployment.

     See also | economic goals | macro goals | stability | economic growth | frictional unemployment | structural unemployment | unemployment rate | capacity utilization rate | full-employment budget | full-employment real production |

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FULL EMPLOYMENT, AmosWEB GLOSS*arama,, AmosWEB LLC, 2000-2018. [Accessed: March 21, 2018].

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The system of production, distribution, and consumption of goods and services that a society uses to address the problem of scarcity.

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