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REVENUE EFFECT: The goal of imposing taxes to generate revenue used to finance the operation of government, most notably to finance the provision of public goods. This is one of two reasons, and the primary reason, that governments impose taxes. The other reason is the allocation effect. Governments work the revenue effect because they need access to income and resources to build highways, defend the nation, educate the population, and maintain the legal system. They purchase these resources with tax revenue generated through the revenue effect.
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Lesson 20: Federal Reserve System | Unit 3: The Fed Pyramid
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Page: 7 of 20
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The structure of the Federal Reserve:- Chairman of the Board of Governors: the boss of the Fed.
- Board of Governors: 7 people, usually economists who make big decisions.
- Federal Reserve Banks: 37 banks dispersed throughout the country.
- Commercial Banks: traditional banks, credit unions, savings and loan associations and mutual savings banks.
- The Non-Bank Public: people, businesses, and government agencies using commercial banking services.
- The Federal Open Market Committee (FOMC) is critical for money supply control.
- The Federal Advisory Council (FAC), isn't quite as important.
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POLITICAL GAME The political system can be thought of as a game, a contest between two groups of players. Rulers are the ones who set the rules. Rulees are the ones who must abide by the rules. The political game, of course, has serious consequences, with winners and losers. The distribution, either concentrated or dispersed, of these consequences can have a profound effect on the game. The study of public choice provides insight into the economic efficiency with which the political game is played.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a country wreathe or galvanized steel storage shelves. Be on the lookout for slightly overweight pizza delivery guys.
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This isn't me! What am I?
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. " -- Seneca, statesman, dramatist, philosopher
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BCD
Business Cycle Development
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