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LAW OF DIMINISHING MARGINAL RETURNS: A principle stating that as more and more of a variable input is combined with a fixed input in short-run production, the marginal product of the variable input eventually declines. This is THE economic principle underlying the analysis of short-run production for a firm. Among a host of other things, it offers an explanation for the upward-sloping market supply curve. How does the law of diminishing marginal returns help us understand supply? The law of supply and the upward-sloping supply curve indicate that a firm needs to receive higher prices to produce and sell larger quantities. Why do they need higher prices?

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Lesson Contents
Unit 1: The Fed
  • King Clarence
  • What It Is
  • Unit 1 Summary
  • Unit 2: What It Does
  • Money Control
  • Instability
  • Unit 2 Summary
  • Unit 3: The Fed Pyramid
  • Overview
  • Top
  • Middle
  • Base
  • Unit 3 Summary
  • Unit 4: Monetary Policy
  • Overview
  • Overview: Graphs
  • Open Market Operations
  • Discount Rate
  • Reserve Requirements
  • Moral Suasion
  • Unit 4 Summary
  • Unit 5: Issues
  • Policies
  • Unit 5 Summary
  • Course Home
    Federal Reserve System

    In this lesson, we take a detailed look at the government entity that is directly responsible for controlling the money supply and undertaking business-cycle stabilizing monetary policy -- the Federal Reserve System. The Federal Reserve System is the U.S. economy's number one bank regulator. And they do this regulation with the goal of ensuring the that the nation has just the right about money to avoid high rates of unemployment and inflation. To understand how the Federal Reserve System does it's job, we take a close look at how it is structure and policy tools it has under its' control.

    • The first unit introduces the Federal Reserve System, with a discussion of King Clarence and his role in assisting the operations of Fred the Goldsmith.
    • In the second unit we take a look at the importance of controlling the banking system, and the consequences if the control is ineffective.
    • The structure of the Federal Reserve System is examined in the third unit, with the highlights being the Chairman of the Federal Reserve System and the Federal Open Market Committee.
    • The fourth unit then explores the assorted policy tools used by the Federal Reserve System to control the banking system and the money supply, including open market operations, discount rate, and reserve requirements.
    • We close out this lesson in the fifth unit with a few thoughts on the role politics play in the formulation of monetary policies.

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    RENTAL INCOME OF PERSONS

    The official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring rent earned by the household sector for supplying land and related factor services. This is one of five official factor payments making up national income. The other four are compensation of employees, net interest, corporate profits, and proprietors' income. Rental income of persons is typically the smallest of the five factor payment categories, usually less than 5 percent of national income.

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    APLS

    BEIGE MUNDORTLE
    [What's This?]

    Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for vindictive digital clocks with revenge on their minds.
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    This isn't me! What am I?

    In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
    "When you play, play hard; when you work, don't play at all. "

    -- Theodore Roosevelt, 26th US president

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    Profit and Loss
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