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BOARD OF GOVERNORS, CHAIRMAN: The head of the Federal Reserve Board of Governors and the Federal Reserve System. This is the guy in charge of monetary policy and is considered to be one of the two or three most powerful people in terms of the national and global economy. The Chairman is one of the seven members of the Board and serves as Chairman for a five-year term. The Fed Chairman also serves as Chairman of the powerful Federal Open Market Committee, the Fed Committee that sets the course of monetary policy.

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Lesson 10: Gross Domestic Product | Unit 3: Two Views of GDP Page: 17 of 25

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In this unit, you should have learned something about:
  1. GDP can be measured in two different ways, from the demand or expenditure side and from the supply or resource side of the economy.
  2. From the expenditure side, the four sectors of the economy buy ALL current economic production and when aggregated give us GDP. This is summarized by the formula: GDP = C + I + G + (X-M).
  3. The calculation of GDP from the resource side of the economy is based on the fact that the revenue received for the sale of GDP is paid to or claimed by a factor of production.

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ABSOLUTE ADVANTAGE

The general ability to produce more goods or services using fewer resources. A person or country has an absolute advantage in production largely due to superior technology or greater technical efficiency. A related, but contrasting concept is comparative advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a rim for your spare tire or decorative celebrity figurines. Be on the lookout for fairy dust that tastes like salt.
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More money is spent on gardening than on any other hobby.
"Man is born to live, not to prepare for life. "

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