POL SCI 40 Lecture Notes - Lecture 11: Gross Domestic Product, Federal Reserve System, Federal Funds Rate
Document Summary
Week 6, lec 11: the new deal and the great society. Key terms: activity in question not be denied to anyone once it has been provided. Public goods : benefits that (1) may be enjoyed by anyone if it is provided and (2) may. Externality : side effects of an activity, affecting other parties who did not agree to the. Monopoly : the existence in a market of a single firm that provides all the goods & Gross domestic product (gdp) : the total value of goods & services produced within a. Monetary policy : regulation of the economy through manipulation of the supply of money, the price of money (interest rates), and the availability of credit. Federal reserve system : a system of 12 federal reserve banks that: services of a particular type for that market (the absence of competition) country. Facilitates exchanges of cash, checks, and credit. Uses monetary policy to fight inflation and deflation.
