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NATURAL MONOPOLY: A special type of monopoly that's able to lower its price when it produces and sells a larger quantity. This somewhat remarkable ability results because a natural monopoly uses a great deal of capital. In that capital carries an up front cost that must be paid regardless of production, a natural monopoly can spread these costs over larger quantity--if it produces more. The larger the quantity sold, the lower the cost for each unit. A single natural monopoly is thus able to produce and supply a good at a lower cost, and price, than two or more firms. In other words, if two or more firms try to supply the same good, the market will "naturally" end up with just one.

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Lesson 20: Federal Reserve System | Unit 4: Monetary Policy Page: 12 of 20

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The Federal Reserve controls banks as a means of controlling the money supply.

A more specific definition:

Monetary policy is controlling the money creation activity of the fractional-reserve banking system to control deposits and the money supply to affect business-cycle fluctuations.

Early tasks of the Fed:

  • To keep banks in business and to avoid serious reductions in bank reserves that would shrink financial wealth and money supply.

    What the Fed does now:

  • Manipulate the money supply by manipulating reserves.

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AGGREGATE EXPENDITURES EQUATION

An equation that summarizes the four aggregate expenditures on gross domestic product by the four macroeconomic sectors. In the study of Keynesian economics, this equation is commonly used to summarize the demand side of the macroeconomy. The aggregate expenditures equation actually comes in three different versions depending on how many of the four sectors and their expenditures are included.

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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?

The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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