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HIGH-POWERED MONEY: Also termed the monetary base, the total of currency held by the nonbank public, vault cash held by banks, and Federal Reserve deposits of the banks. This contains the monetary components over which the Federal Reserve System has relatively complete control and is often used as a guide for the Fed's money control ability and monetary policy.
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Lesson 6: Supply | Unit 1: Selling Basics
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Page: 2 of 19
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There's more we need to consider about supply. First the supply price. Supply price is the minimum price that sellers would be willing and able to accept for a given quantity of a good. - Sellers have an lower limit on the price that they would be willing and able to accept for a good, compared to the upper limit of the demand price.
- Sellers are willing and able to accept a higher price. In fact, they would be glad to sell a good for a billion dollars... or more.
- The minimum supply price is based on the fact of economic life that people prefer more to less.
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AVERAGE PRODUCT AND MARGINAL PRODUCT A mathematical connection between average product and marginal product stating that the change in the average product depends on a comparison between the average product and marginal product. If marginal product is less than average product, then average product declines. If marginal product is greater than average product, then average product rises. If marginal product is equal to average product, then average product does not change.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"When you play, play hard; when you work, don't play at all. " -- Theodore Roosevelt, 26th US president
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SNP
Seminonparametric
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