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TIGHT MONEY: A term used when the Federal Reserve System pursues contractionary monetary policy. In other words, to contract our economy out of an inflationary expansion, the Fed decreases the amount of money in the economy or makes it "tighter" for people to get money (usually through bank loans).
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Lesson 10: Utility and Demand | Unit 5: Beyond Demand
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Page: 20 of 21
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- For me to buy a good, someone must be selling.
- Here's a quick comparison of the demand and supply decisions.
- Consumers generate utility by consuming goods. Producers generate profit by producing goods.
- Consumers seek to maximize utility. Producers seek to maximize profit.
- Consumers make decisions based on marginal utility. Producers make decisions based on marginal product.
- Consumption decisions are guided by the law of diminishing marginal utility. Production decisions are guided by the law of diminishing marginal returns.
- Consumers buy more at lower prices because marginal utility is less. Producers sell more at higher prices because marginal product is less.
- Consumers make decisions that marginal benefits with marginal costs. Producers make decisions that balance marginal benefits with marginal costs.
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EMPLOYED PERSONS People who are actively engaged in the production of goods and services. This is one of three official categories used to classify individuals by the Bureau of Labor Statistics (BLS) based on information obtained from the Current Population Survey. The other two categories are unemployed persons and not in the labor force. The sum of employed persons and unemployed persons constitutes the civilian labor force.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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JV
Joint Venture
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