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TECHNOLOGY: The sum total of knowledge and information that society has acquired concerning the use of resources to produce goods and services. This technology often takes the form of scientific knowledge (the best combination of chemicals to make a long-lasting floor wax), but can also be plain old common sense (irrigate during a drought, not during a flood). Whether scientific or not, technology affects the technical efficiency with which resources are combined in production. An improvement in technology is thus an increase in the technical efficiency of production--more output with given inputs or fewer inputs for a given output. Technology is often embodied in capital goods. Bigger, better, faster, and less expensive computers are the result of advances in silicon chip technology. However, technology is also embodied in labor as human capital.
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FEDERAL RESERVE PYRAMID A representation of the structure of the U.S. Federal Reserve System that is shaped like a pyramid with the Chairman at the top and thousands of commercial banks (and the non-bank public) at the bottom. By the numbers, the Federal Reserve pyramid includes 1 Chairman, 7 members of the Board of Governors, 37 Federal Reserve Banks, around 20,000 commercial banks, and 300 million people making up the non-bank public.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either a how-to book on building remote controlled airplanes or an extra large beach blanket. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"Kites rise highest against the wind, not with it. " -- Winston Churchill, British prime minister
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AFEA
American Farm Economic Association
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