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INCOME, DEMAND DETERMINANT: One of the five demand determinants assumed constant when a demand curve is constructed, and that shift the demand curve when they change. Income affects demand differently for normal goods and inferior goods. A normal good, the name indicates, is affected by income much as you might expect. Additional income allows buyers to purchase more normal goods, thus demand increases with an increase in income. The demand for an inferior good is affected exactly opposite. An increase in income causes a decrease in the demand for an inferior good. Buyers decide to buy less of an inferior good when they have additional income.

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Lesson 20: Federal Reserve System | Unit 3: The Fed Pyramid 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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UNSTABLE EQUILIBRIUM

Equilibrium that is not restored if disrupted by an external force. Few economic models have an equilibrium that is unstable, reflecting the observation that the real world adapts to changes and maintains a fair degree of stability. However, there are situations where an unstable equilibrium more accurately reflects economic phenomena. The alternative to an unstable equilibrium is a stable equilibrium.

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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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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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