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KEYNESIAN RANGE: The horizontal segment of the Keynesian aggregate supply curve that reflects rigid prices and wages. Shifts of the aggregate demand curve in this range lead to changes in the aggregate output, but not changes in price level. Such results are consistent with Keynesian economics, which is why this is termed the "classical" range. The other ranges of the Keynesian aggregate supply curve are the classical range and the intermediate range.
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Lesson 18: Banking | Unit 5: The Economy
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Page: 22 of 24
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Banks have two beneficial roles in the economy. First: As financial intermediaries, banks match up savers and borrowers. - They are an effective means of diverting household income into investment expenditures for capital goods.
- They are a vital link between the real and financial sides of the economy.
Second: As depository institutions, banks supervise a share of the nation's M1 money supply. - They have a big responsibility because money is critical to a complex, market-oriented economy.
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GOVERNMENT EXPENDITURES Spending by the government sector including both the purchase of final goods and services, or gross domestic product, and transfer payments. Government expenditures are used by the government sector to undertake key functions, such as national defense and education. These expenditures are financed with a combination of taxes and borrowing.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either a tall storage cabinet with five shelves and a secure lock or a birthday greeting card for your grandmother. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"We should never allow ourselves to be bullied by an either-or. There is often the possibility of something better than either of those two alternatives. " -- Mary Parker Follett, management coach
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EMS
European Monetary System
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