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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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AVERAGE FACTOR COST CURVE 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 revenue curve for a firm with market control is positively sloped.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors looking to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"Luck is what happens when preparation meets opportunity. " -- Seneca, Roman philosopher
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ATM
Automated Teller Machine
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