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M3: The wide-range monetary aggregate for the U.S. economy containing the combination of M2 (currency, checkable deposits, and assorted savings deposits) and large-denomination, institutional near monies. M3 contains financial assets that are relatively liquid, but not quite as liquid as those found in M1 or M2. The near monies added to M2 to derive M3 include large denomination certificates of deposit, institutional money market mutual funds, repurchase agreements, and Eurodollars. M3 is one of three monetary aggregates tracked and reported by the Federal Reserve System. The other two are designated M1 and M2.
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Lesson Contents
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Unit 1: Demand Theory |
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Unit 2: Total Utility |
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Unit 3: Marginal Utility |
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Unit 4: The Curves |
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Unit 5: Taking Stock | |
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Consumer Demand
This lesson discusses the basics of consumer demand theory, especially the notion of utility. Utility is the fancy-schmancy economic term that means satisfying wants and needs. The purpose of this lesson is to set the stage for a behind-the-scenes look at the demand-side of the market. Because the prices buyers are willing to pay for the goods depend on the utility, an understanding of demand requires an understanding of utility. - The first unit of this lesson, Demand Theory, introduces the concept of utility and previews the relation between utility, consumer decision making, and demand.
- In the second unit, Total Utility, we take a look at the first of two key technical notions of utility are used to examine the relation between utility and demand.
- The third unit, Marginal Utility, presents and discusses the second of the two technical notions of utility, and the most important notion underlying demand.
- The fourth unit, The Curves, illustrates the total utility and marginal utility concepts with handy graphs.
- The fifth unit, Taking Stock, then wraps up this lesson with an extended preview of the relation between utility and demand.
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IMPACT LAG The time lag that occurs between the implementation of a government policy designed to correct an economic problem and the complete impact of the policy. The impact lag is based on the multiplier process and can last up to a year or two or even longer. This "outside lag" is one of four policy lags associated with monetary and fiscal policy. The other three "inside lags" are recognition lag, decision lag, and implementation lag. All four policy lags can reduce the effectiveness of business-cycle stabilization policies and can even destabilize the economy.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either a solid oak entertainment center or a remote controlled ceiling fan. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"Lord, where we are wrong, make us willing to change; where we are right, make us easy to live with. " -- Peter Marshall, US Senate chaplain
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AFRA
Average Freight Rate Assessment
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