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AMERICAN ECONOMIC ASSOCIATION: An organization of over 25,000 professional economists. Founded in 1885, this premier top-of-the-economic-association-list publishes the prestigious American Economic Review, arguably THE number one scholarly U.S. economic journal and the Journal of Economic Literature, arguably THE number one index of economic journal publications. The AEA, as acronymically inclined economists call it, also sponsors an annual conference where professional economists present scholarly papers on their latest scholarly research.
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Lesson 10: Utility and Demand | Unit 4: On To Demand
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Page: 15 of 21
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- A Higher Price
- Let's say that the price for going to the beach rises from $2 to $4 per hour. How is the quantity of my beach frolicking affected?
- The end result is that the higher price has reduced the quantity demanded of beach time.
- A Lower Price
- Let's say that the price for going to the beach falls $2 to $1.33 per hour. How is the quantity of my beach frolicking affected in this case?
- The end result is that a lower price has increased the quantity demanded of beach time.
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RESERVE REQUIREMENTS Rules established and enforced by the Federal Reserve System governing the amount of reserves (vault cash and Federal Reserve deposits) that banks must keep to back up their deposits. Reserve requirements help to maintain a stable banking system and ensure that banks are able to conduct day-to-day check-clearing and cash-withdrawal transactions. These requirements are also one of the three monetary policy tools that the Fed can use, in principle, to control the money supply. The other two are open market operations and the discount rate.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Nobody can be successful unless he loves his work. " -- David Sarnoff, TV pioneer
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HFO
Heavy Fuel Oil
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