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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 7: Market Equilibrium | Unit 4: Adjustment Page: 16 of 22

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  • How competitive markets tend to be self-correcting because nonequilibrium prices create shortages and surpluses that move the price back to the equilibrium level.
  • How shortages, with quantity demanded greater then quantity supplied, are created for prices below the equilibrium level.
  • 3. Why a shortage causes price to increase back to the equilibrium level.
  • How surpluses, with quantity demanded less then quantity supplied, are created for prices above the equilibrium level.
  • Why a surplus causes price to decrease back to the equilibrium level.


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AVERAGE FACTOR COST CURVE, MONOPSONY

A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average factor cost curve for a firm with market control is positively sloped.

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APLS

PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time at an auction wanting to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for slow moving vehicles with darkened windows.
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Lombard Street is London's equivalent of New York's Wall Street.
"For a writer, published works are like fallen flowers, but the expected new work is like a calyx waiting to blossom."

-- Cao Yu, Playwright

CARIFTA
Caribbean Free Trade Association
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