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ADVISORY COUNCILS, FEDERAL RESERVE SYSTEM: Three support committees that provide feedback to the Board of Governors of the Federal Reserve System to assist in its assorted regulatory responsibilities, including Federal Advisory Council, Thrift Institutions Advisory Council, and Consumer Advisory Council. The Federal Advisory Council is a broad ranging council comprise of commercial bankers. The Thrift Institutions Advisory Council is comprised of representatives of thrift institutions. The Consumer Advisory Council is comprised of consumer credit representatives.

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Lesson 5: Market Demand | Unit 2: Law of Demand Page: 8 of 20

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  • The law of demand, which is a fundamental economic principle stating that demand price and quantity demanded are inversely related, ceteris paribus.
  • Ceteris paribus, a Latin term meaning that other things remain unchanged. It is used to control for factors other than price, that affect demand.
  • Why the law of demand works because of the income and substitution effects.
  • The income effect, which exists because price changes affect the purchasing power of buyers' given incomes.
  • The substitution effect, which exists because price changes make other goods relatively more or less expensive.


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NORMAL GOOD

A good for which a change in income causes a comparable change in demand. That is, an increase in income causes an increase in demand and a decrease in income causes a decrease in demand. The income elasticity of demand for a normal good is positive. A normal good is one of two alternatives falling within the buyers' income demand determinant. The other is an inferior good.

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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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