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GOVERNMENT: A political body exercising control and authority over a group of individuals. Governments allocate resources based on laws and the command of the government.
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Lesson 20: Federal Reserve System | Unit 3: The Fed Pyramid
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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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VARIABLE INPUT An input whose quantity can be changed in the time period under consideration. The most common example of a variable input is labor. Variable inputs provide the means used by a firm to control short-run production. The alternative to variable input is fixed input. A fixed input, like capital, provides the capacity constraint in production. As larger quantities of a variable input, like labor, are added to a fixed input like capital, the variable input becomes less productive, which is the law of diminishing marginal returns.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either a solid oak entertainment center or a remote controlled ceiling fan. Be on the lookout for jovial bank tellers.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Anyone who has never made a mistake has never tried anything new. " -- Albert Einstein, physicist
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IMF
International Monetary Found
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