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ACCUMULATION: The process of acquiring an item and adding that item to others previously acquired. In an economic context this most often refers to the accumulation of capital, as in the phrase "capital accumulation." However, it is also used in the context of consumer durable goods, financial assets, money, wealth, and a host of other "stock" variables. When applied to capital, the process of accumulation occurs through investment.
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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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INELASTIC DEMAND The general elasticity relation in which relatively large changes in price cause relatively small changes in quantity demanded. Large changes in price cause relatively small changes in quantity demanded or the percentage change in quantity demanded is smaller than the percentage change in price. This characterization of elasticity is most important for the price elasticity of demand. Inelastic demand is one of two general elasticity relations for demand. The other is elastic demand.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for high interest rates.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"Everyone is bound to bear patiently the results of his own example. " -- Phaedrus, Philosopher
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CEEC
Council for European Economic Cooperation
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