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July 4, 2025 

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BUDGET: A statement of the financial position of an entity--especially household, business, or government--based on estimates of anticipated revenues and expenditures. A budget is balanced if the revenues and expenditures are equal. A budget deficit arises if expenditures exceed revenues and a budget surplus exists if revenues are greater than expenditures.

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FEDERAL RESERVE BANK: One of 37 Banks (12 District and 25 Branch) that comprise the Federal Reserve System. These Banks are largely responsible for supervising, regulating, and interacting with commercial banks and carrying out the policies established by the Federal Reserve Board of Governors. The large number of banks, spread across the country is what helps make the Federal Reserve System a very decentralized central bank.

     See also | Federal Reserve System | Federal Reserve District Bank | Federal Reserve Branch Bank | Board of Governors | Board of Governors, Chairman | bank |


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FEDERAL RESERVE BANK, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 4, 2025].


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LONG RUN, MACROECONOMICS

In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and are able to achieve equilibrium levels. This is one of two macroeconomic time designations; the other is the short run. Long-run wage and price flexibility means that ALL markets, including resource markets and most notably labor markets, are in equilibrium, with neither surpluses nor shortages. Wage and price flexibility and the resulting resource market equilibria are the reason for the vertical long-run aggregate supply curve.

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Today, you are likely to spend a great deal of time wandering around the shopping mall trying to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for malfunctioning pocket calculators.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"Opportunities are usually disguised as hard work, so most people don't recognize them."

-- Ann Landers, columnist

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