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ABSOLUTE ADVANTAGE: The general ability to produced more goods using fewer resources. This idea of absolute advantage is important for trading that occurs between both people and nations. A nation can get an absolute advantage from an advanced level of technology or higher quality resources. For a person, an absolute advantage can result from natural abilities or the acquisition of human capital (education, training, or experience).

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Lesson 20: Federal Reserve System | Unit 3: The Fed Pyramid Page: 10 of 20

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Commercial banks form the base of the Federal Reserve pyramid.

Prior to the 1980's:

  • The Fed automatically included only national banks.
  • State and local banks could chose to become members of the Fed.
  • S&Ls, credit unions, and mutual savings banks didn't offer checking accounts and were not part of the system.

Legislation passed in the 1980's brought all checkable-deposit-issuing institutions into the Federal Reserve System.

  • The Federal Reserve pyramid rests on the non-bank public: households, businesses, and government agencies.

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ECONOMIES OF SCALE

Declining long-run average cost that occurs as a firm increases all inputs and expands its scale of production. Economies of scale result from increasing returns to scale and are graphically illustrated by a negatively-sloped long-run average cost curve. Economies of scale usually occur for relatively small levels of production and are then overwhelmed by diseconomies of scale for relatively large production levels. Together, economies of scale and diseconomies of scale create a U-shaped long-run average cost curve.

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PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time at a flea market looking to buy either a package of 4 by 6 index cards, the ones with lines or a 50 foot extension cord. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?

General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

EEH
Explorations in Economic History
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