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LAW OF DIMINISHING MARGINAL UTILITY: The principle stating that as more of a good is consumed, eventually each additional unit of the good provides less additional utility--that is, marginal utility decreases. Each subsequent unit of a good is valued less than the previous one. The law of diminishing marginal utility helps explain the negative slope of the demand curve and the law of demand.
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FEDERAL OPEN MARKET COMMITTEE A committee of the Federal Reserve Board that is charged with conducting open market operations and is more generally responsible for guiding monetary policy. It is comprised of the 7 members of the Board of Governors and the Presidents of 5 Federal Reserve District Banks. The Federal Open Market Committee (FOMC) meets about eight times a years, on average every six weeks, usually on a Tuesday, to set the course of monetary policy. The Chairman of the Federal Reserve Board is also the Chairman of the FOMC. The President of the New York Federal Reserve Bank is always on this committee and is invariably selected as the Vice Chairman of the FOMC.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages hoping to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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IBT
Indirect Business Taxes
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