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FOMC: The abbreviation for Federal Open Market Committee, which is a part of the Federal Reserve System that's specifically responsible for directing open market operations, and is more generally charged with guiding the nation's monetary policy. The FOMC includes the 7 members of the Fed's Board of Governors and 5 of the 12 presidents of Federal Reserve District Banks. The chairman of the Federal Reserve System is also the chairman of the FOMC. By design, the 7 members of the Board of Governors can always outvote the 5 district bank presidents. The FOMC meets every 45 days to evaluate monetary policy.
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AGGREGATE SUPPLY The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a given time period. Aggregate supply, usually abbreviated AS, is two different relations between price level and real production--long run and short run. With long-run aggregate supply, prices and wages are flexible and all markets are in equilibrium. With short-run aggregate supply some prices and wage are NOT flexible and some markets are NOT in equilibrium. This is one half of the AS-AD (aggregate market) analysis. The other half is aggregate demand.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials looking to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for attractive cable television service repair people.
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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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"Give the American people a good cause, and there's nothing they can't lick. " -- John Wayne, actor
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IO
Industrial Organization
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