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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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Lesson 17: Money | Unit 4: Money's History Page: 18 of 25

Topic: Commodity Money <=PAGE BACK | PAGE NEXT=>

Because barter has limitations, the double coincidence of needs, peoples used commodities as money.

Commodity money:

  • When they began using a widely desired commodity, they created commodity money.
  • Commodity money has value in use and value in trade.
  • The value in use dictates value in trade.
  • Some commodities are better than others in terms of the four money characteristics.
  • Our ancestors tried many different commodities before finding one type that fits the characteristics better than most metals.

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INNOVATION PROFIT

Economic profit, the difference between the total revenue received by a firm and the total opportunity cost of production, that is attributable to innovation, the initial application of new products, technologies, or ideas. Innovation profit is one of two sources of economic profit. The other is monopoly profit that arises due to market control. The generation of innovation profit is an important incentive that by rewarding individual innovative behavior enables society-wide benefits from the resulting innovations.

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[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either a large red and white striped beach towel or a bottle of blackcherry flavored spring water. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?

A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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