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WEALTH: The net ownership of material possessions and productive resources. In other words, the difference between physical and financial assets that you own and the liabilities that you owe. Wealth includes all of the tangible consumer stuff that you possess, like cars, houses, clothes, jewelry, etc.; any financial assets, like stocks, bonds, bank accounts, that you lay claim to; and your ownership of resources, including labor, capital, and natural resources. Of course, you must deduct any debts you owe.

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Lesson 20: Federal Reserve System | Unit 2: What It Does Page: 6 of 20

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  • That the Fed is the entity responsible for ensuring that the economy has the proper amount of money.
  • The two reasons for controlling the money supply: (a) to avoid inflation and recession and (b) to ensure the value of money.
  • That when the United States did not have a central bank, the economy experienced periods of turmoil.
  • That the Federal Reserve System, established 1913, although not perfect, has helped stabilize the economy.

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MACROECONOMIC MARKETS

Three sets of markets that make up the macroeconomy--product, financial, and resource--which exchange the three primary types of macroeconomic commodities--gross production, legal claims, and factor services. The four macroeconomic sectors--household, business, government, and foreign--interact through these three sets of markets. The primary objective of macroeconomic theories is to explain activity that takes place in these three sets of markets.

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APLS

BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway wanting to buy either a graduation present for your niece or nephew or a toaster oven that has convection cooking. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?

It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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American Depositary Receipt, Asset Depreciation Range
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