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LONG-RUN AGGREGATE SUPPLY: The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. Long-run aggregate supply (LRAS) is one of two aggregate supply alternatives, distinguished by the degree of price flexibility; the other is short-run aggregate supply (SRAS).

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REQUIRED RESERVES

The reserves (vault cash and Federal Reserve deposits) that banks are required by government to keep to back up deposits. The primary use of required reserves is to process daily checkable deposit transactions. The government regulator in charge of setting reserve requires is the Federal Reserve System. Required reserves are usually in the range of 3 to 10 percent for checkable deposits and substantially less (0 percent) for savings deposits. Any legal reserves held by banks over those required to back deposits, termed excess reserves or free reserves, are available for interest-generating loans.

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Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a T-shirt commemorating the second moon landing or a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for poorly written technical manuals.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"Success is going from failure to failure without a loss of enthusiasm. "

-- Winston Churchill, British statesman

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