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No say in company, more experience, considered part of overhead, get paid like a bill money first
4 Parts of FED
1. Board of 7 people, purpose is long term policy, 14 year terms, the president appoints them
2. Open Market Committee, control monetary policy
3. 12 district banks separated by financial activity
4. Presidential advisory counsel, advise presidential, no power
Functions of FED
1. act as banker to U.S. government
2. act as banker to commercial bank
3. supervise commercial bank
4. control monetary policy
Law of Diminishing returns
If I add variable to fixed productivity with increase for a time, but then fall
2. Per captia incase (average income for average person)
3. Growth National Product (GNP) value of all goods and services produced by a country anually
4. Stock market -long term trends
extremely good economic times
Full employment <5%
Consumer and business spending extremely high
extremely bad economic times
employment is less then 70%
consumer and business spending stops
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