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REGULATION: Government rules or laws that control the activities of businesses and consumers. The motivation for regulation is that businesses are inclined to do things that are harmful to the public--actions which need to be prevented or otherwise controlled. Regulation is essentially an extension of government's authority to protect one member of society from another. It tends to take one of two forms--(1) industry regulation that's intended to prevent firms from gaining and abusing excessive market control and (2) social regulation that seeks to protect consumers for problems caused by pollution, unsafe products, and the lack of information (market failure).
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Lesson 13: The Firm | Unit 1: Introduction
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Page: 2 of 24
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Topic:
Doing Production
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- The primary function of any firm is to combine labor, capital, land, and entrepreneurship inputs into the production of output:
- Production: Our immediate attention is directed toward the production activity, the output produced and supplied by the firm.
- Resource Inputs: To produce a valuable output, a firm needs resources -- labor, capital, land, and entrepreneurship.
- All of these business firms have one thing in common -- the transformation of resources into valuable output that is then supplied to a market.
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EXCESS RESERVES The reserves (vault cash and Federal Reserve deposits) that banks have over and above what they are required by government to keep to back up deposits. The primary use of excess reserves, also termed free reserves, is for loans to consumers and businesses. Because reserves do not generate interest, revenue, or profit, banks are inclined to keep as few excess reserves as possible.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a coffee cup commemorating the first day of winter or a video game player. 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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Lombard Street is London's equivalent of New York's Wall Street.
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"The past cannot be changed. The future is yet in your power. " -- Hugh White, U.S. Senator
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ARIMA
Autoregressive Integrated Moving Average
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