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FEDERAL RESERVE 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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LONG RUN: In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. In terms of the microeconomic analysis of production and supply, a period of time in which all inputs in the production process are variable. See also | macroeconomics | aggregate market | long-run aggregate market | equilibrium | flexible prices | product markets | financial markets | resource markets | labor market | shortage | surplus | production | short-run production | microeconomics | supply | economies of scale | diseconomies of scale | very long run | market period | labor | capital | law of diminishing marginal returns | fixed input | variable input |
Recommended Citation:LONG RUN, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: December 3, 2023].
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SLOPE, PRODUCTION POSSIBILITIES CURVE The numerical value of the slope of the production possibilities curve, which illustrates the alternative combinations of two goods that an economy can produce with given resources and technology, is the opportunity cost of producing the good measured on the horizontal axis.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a flea market wanting to buy either a how-to book on building remote controlled airplanes or an extra large beach blanket. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"If a man hasn't discovered something that he will die for, he isn't fit to live. " -- Martin Luther King Jr., clergyman
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SIC
Standard Industrial Classification
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