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RESOURCE QUANTITY, AGGREGATE SUPPLY DETERMINANT: One of three categories of aggregate supply determinants assumed constant when the short-run and long-run aggregate supply curves are constructed, and which shifts both aggregate supply curves when it changes. An increase in a resource quantity causes an increase (rightward shift) of both aggregate supply curves. A decrease in a resource quantity causes a decrease (leftward shift) of both aggregate supply curves. The other two categories of aggregate supply determinants are resource quality and resource price. Specific determinants falling into this general category include population, labor force participation, capital stock, and exploration. Anything affecting the quantity of labor, capital, land, and entrepreneurship is also included.
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Lesson 20: Federal Reserve System | Unit 4: Monetary Policy
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Page: 17 of 20
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In addition to open market operations, discount rate, and reserve requirements, the Fed has an additional tool called moral suasion. Moral suasion: - It is a policy in which the Fed, usually the Chairman of the Board of Governors, requests that the banking system take some sort of action.
- These requests are usually contrary to what banks are currently doing and likely to do under current economic conditions.
- Moral suasion can and does work in the short run, especially during crisis periods.
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GOVERNMENT SECTOR The aggregate macroeconomic sector that includes all levels of government, including federal, state, and local. The primary function of the government sector, also termed the public sector, is to impose resource allocation decisions on the rest of the economy that might not be made otherwise. This is one of the four macroeconomic sectors. The other three are household sector, business sector, and foreign sector.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a lazy Susan for you dining room table or a set of serrated steak knives, with durable plastic handles. Be on the lookout for rusty deck screws.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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FCLT
Functional Central Limit Theorem
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