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REALISM OF PERFECT COMPETITION: Perfect competition is an idealized market structure that does NOT exist in the real world. While some real world industries might come relatively close to a one or two of the four key characteristics of perfect competition, none matches all four sufficiently that we can declare a perfectly competitively industry. Some industries come close on the large number of small firms and the identical product characteristics. A few industries have relatively good, although not perfect, information about prices and technology. However, almost all industries fall far short of the perfect mobility characteristics.
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Lesson 20: Federal Reserve System | Unit 3: The Fed Pyramid
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Page: 8 of 20
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The 7-member Board of Governors is the policy making body of the Fed. The Board of Governors: - The Board sets the regulations, rules and policies affecting the money supply and the commercial banking system.
- Each member of the Board is appointed by the President and approved by the Senate to a 14-year term, with terms staggered every two years.
- The system is designed to keep the Board non-political: the Board is NOT supposed to be working for the President.
- The Fed is relatively independent of Congress, too.
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ECONOMIC PROFIT The difference between the total opportunity cost of production and the total revenue received by a firm. Economic profit is what remains after ALL opportunity cost associated with production (including a normal profit) is deducted from the revenue generated by the production. Economic profit is one of three alternative notions of profit. The other two are accounting profit and normal profit.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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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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"Courage is the ladder on which all the other virtues mount." -- Claire Boothe Luce, diplomat, writer
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AIO
Action Information Organization
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