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FEDERAL RESERVE SYSTEM: THE central bank of the United States. It includes a Board of Governors, 12 District Banks, 25 Branch Banks, and assorted committees. The most important of these committees is the Federal Open Market Committee, which directs monetary policy. The Fed (as many like to call it) was established in 1913 and modified significantly during the Great Depression of the 1930s. It's duties are to maintain the stability of the banking system, regulate banks, and oversee the nation's money supply.
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Lesson 20: Oligopoly | Unit 2: Structure
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Page: 10 of 24
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In this unit, you should have learned about:- How oligopoly is characterized by significant concentration that is indicated by market share, the concentration ratio, or the Herfindahl index.
- The concentration ratio, which is the proportion of total sales accounted for by the top firms in the industry, as one measure of concentration in an oligopoly market.
- How 4-firm and 8-firm concentration ratios calculated and are used to indicate high, medium, and low level concentration in an industry.
- The Herfindahl index, which is the sum of the squares of market shares of the firms in the industry, as another measure of concentration in an oligopoly market.
- How the Herfindahl index is calculated and used to indicate high, medium, and low level concentration in an industry.
- How oligopoly is also characterized by high entry barriers, including start up cost, resource ownership, decreasing average cost, government authorization, and trade barriers.
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SAVING-INVESTMENT MODEL A variation of the Keynesian injections-leakages model that includes the two private sectors, the household sector and the business sector. This variation, more formally termed the two-sector injections-leakages model, captures the interaction between induced saving (and indirectly induced consumption expenditures) and autonomous investment expenditures. This model provides an alternative to the two-sector aggregate expenditures (Keynesian cross) analysis of the macroeconomy, including equilibrium, disequilibrium, and the multiplier. Equilibrium is identified as the intersection between the saving line and the investment line. Two related variations are the three-sector injections-leakages model and the four-sector injections-leakages model.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for malfunctioning pocket calculators.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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ARMA
Autoregressive Moving Average
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