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ADVISORY COUNCILS, FEDERAL RESERVE SYSTEM: Three support committees that provide feedback to the Board of Governors of the Federal Reserve System to assist in its assorted regulatory responsibilities, including Federal Advisory Council, Thrift Institutions Advisory Council, and Consumer Advisory Council. The Federal Advisory Council is a broad ranging council comprise of commercial bankers. The Thrift Institutions Advisory Council is comprised of representatives of thrift institutions. The Consumer Advisory Council is comprised of consumer credit representatives.

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Lesson 12: Business Cycles | Unit 1: Instability Page: 4 of 26

Topic: Contractionary Bad Times <=PAGE BACK | PAGE NEXT=>

Contractionary bad times give us the most problems.
  • First: Real GDP declines during a contraction. This means less production for the four sectors to buy.
  • Second: Unemployment increases. Resources, especially labor, produce less and receive less income. 3-5 million workers newly employed.
  • Third: The incomes of employed resources also tend to fall, or at least not rise as much as an expansion.
  • Fourth: Business profits decline and bankruptcies increase.
  • Fifth: Social problems, including crime, poverty, and alcoholism, worsen.
But contractions have some good:
  • Inflation remains low or declines.
  • Some resources are more efficiently allocated.

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INCOME EARNED BUT NOT RECEIVED

The three types of income earned but not received (IEBNR) by the factors of production are Social Security taxes, corporate profits taxes, and undistributed corporate profits. IEBNR is subtracted from national income to calculate personal income.

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APLS

PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for small children selling products door-to-door.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

ITO
International Trade Organization
A PEDestrian's Guide
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