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CAVEAT VENDITOR: This is a latin term meaning "let the seller beware." It was developed as a counter to the buyer's warning, caveat emptor, and suggests that sellers too can be "taken to the cleaners" in a market transaction. While it's less important than caveat emptor to under appreciated consumers, it does surface from time to time.
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Lesson 19: Money Creation | Unit 5: Policy
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Page: 23 of 23
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- That the money creation process and its control is the key to understanding the role that money plays in the economy.
- Checkable deposits are directly under the control of commercial banks, which makes government's money control a difficult task.
- That since the mid 1980's, money creation has been under control. The economy has been generally strong and growing.
- Government controls money creation through two methods: reserve requirements and to control reserves directly.
- The Federal Reserve can make money creation easier (more difficult) by reducing (increasing) reserve requirements, which would expand (restrict) the money supply; or by adding to or subtracting from bank reserves.
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AVERAGE PRODUCT CURVE A curve that graphically illustrates the relation between average product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit output at each level of the variable input. The average product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and marginal product curve.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either car battery jumper cables or a dozen high trajectory optic orange golf balls. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"Something in human nature causes us to start slacking off at our moment of greatest accomplishment. As you become successful, you will need a great deal of self-discipline not to lose your sense of balance, humility and commitment." -- H. Ross Perot
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EEH
Explorations in Economic History
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