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FEDERAL TRADE COMMISSION: An independent federal agency run by a 5-member commission that's charged by Congress with preventing unfair and deceptive business activities and other various monopoly practices that tend to inhibit competition. The FTC was set up in 1914 to help the Justice Department enforce a growing number of antitrust laws. It has the authority to restrict assorted market monopolizing practices, such as mergers, false or misleading advertising, price discrimination, and price fixing. Since the time of it's formation, the FTC has grown into an important consumer protection agency.
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Lesson 20: Federal Reserve System | Unit 2: What It Does
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Page: 5 of 20
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The United States had two attempts at central banking in the late 1700s and early 1800s. From 1836 to 1913, a period marked by perpetual economic turmoil, the United States had no central bank. With no central bank: - Banks played fast and loose with deposits and loans.
- They came up short of reserves and were forced to shut down, taking deposits with them.
- When deposits evaporated, so too did the financial wealth of customers and part of the money supply.
- Bank closings were seldom isolated events, bank panics usually spread rapidly throughout the economy.
- Without money, production went unsold and resources were unemployed.
- The Federal Reserve System was established in 1913. although imperfect, it has helped stabilize the economy.
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LONG-RUN TREND The pattern of potential real gross domestic product of an economy based on full employment of available resources. The long-run trend is commonly represented as a positively-sloped line in a diagram depicting business-cycle phases. This slope captures the economy's expansion in its production possibilities resulting from increases in the quantity and quality of resources.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for neighborhood pets, especially belligerent parrots.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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"If anything terrifies me, I must try to conquer it. " -- Francis Charles Chichester, yachtsman, aviator
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CBI
Confederation of British Industry
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