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HECKSCHER-OHLIN MODEL: A model of international trade developed by Eli Heckscher and Bertil Ohlin, with significant contributions by Paul Samuelson, that relies on the notion that comparative advantage is based on relative natural resource endowments. A nation with large oil reserves will, for example, have a comparative advantage in oil production over another nation with fertile soil, which will have a comparative advantage in agricultural production.

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Lesson 20: Federal Reserve System | Unit 4: Monetary Policy Page: 13 of 20

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Expansionary monetary policy increases aggregate demand up to full employment and contractionary monetary policy decreases aggregate demand back to full employment.
  • Expansionary policy increases the money supply and shifts the AD curve rightward. This is used to correct a recessionary gap and achieve long-run equilibrium.
  • Contractionary policy decreases the money supply and shifts the AD curve leftward. This is used to correct an inflationary gap and achieve long-run equilibrium.
  • Note that monetary policy and interest rates are closely connected.

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BILATERAL MONOPOLY, FACTOR MARKET ANALYSIS

The analysis of a factor market characterized by monopsony dominating the buying side and monopoly dominating the selling side indicates that the factor price and quantity exchanged depends on the negotiating power of each side. Ironically, the factor price is likely to be closer to the efficient price achieved with perfect competition than that achieved individually by either monopsony or monopoly.

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Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either an electric coffee pot with automatic shutoff or a brown leather attache case. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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