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September 19, 2021 

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NON-COUNTERFEITABILITY: One of four characteristics that enables an asset to better function as money. The other three are durability, divisibility, and transportablity. This characteristic means that the item used as money can not be easily counterfeited, that is, duplicated by entities not authorized to do so. Money that can be easily duplicated ceases to function effectively as a medium of exchange.

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Lesson 20: Federal Reserve System | Unit 3: The Fed Pyramid Page: 11 of 20

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  • The structure of the Fed, which is composed of: (a) Chairman of the Board of governors, (b) Board of Governors, (c) Federal Reserve Banks, (d) commercial banks, and (e) the non-bank public.
  • That the Board of Governors is the policy making body of the Fed, which sets the regulations, rules and policies affecting the money supply and the commercial banking system.
  • That the Fed is largely independent of the President and Congress.
  • The Federal Open Market Committee, which is responsible for monetary policy.
  • The Federal Advisory Council, which is totally advisory, does not set policy nor impose regulations.
  • That there are 37 Federal Reserve Banks responsible for implementing the policies and regulations of the Board of Governors.
  • Commercial banks that form the base of the Federal Reserve pyramid.

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FACTORS OF PRODUCTION

Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Factors of production are also termed resources or scarce resources.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for defective microphones.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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Association of International Bond Dealers (now called International Securities Market Association)
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