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LIMITED RESOURCES: Finite quantities of labor, capital, land, and entrepreneurship available to an economy for the production of goods and services. This is one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is unlimited wants and needs.
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Lesson 20: Federal Reserve System | Unit 4: Monetary Policy
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Page: 18 of 20
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- That monetary policy is controlling the money creation activity of the fractional-reserve banking system to control deposits and the money supply.
- That expansionary monetary policy increases aggregate demand up to full employment and contractionary monetary policy decreases aggregate demand back to full employment.
- The four tools of monetary policy: open market operations, discount rate, reserve requirements, and moral suasion.
- How open market operations are used by the Fed to control the money supply.
- That the discount rate is used by the Fed to signal the intentions of the open market operations.
- That reserve requirements are the regulations the Fed uses to ensure banks keep enough reserves to back deposits.
- That moral suasion is a policy in which the Fed requests that the banking system take some sort of action.
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AVERAGE REVENUE PRODUCT Total revenue generated per unit of a variable input, keeping all other inputs unchanged. Average revenue product, usually abbreviated ARP, is found by dividing total revenue by the variable input or by multiplying average physical product by average revenue. Average revenue product is a part of marginal productivity theory used to analyze the demand for productive inputs.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials trying to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
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FILO
First In Last Out
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