TAILIEUCHUNG - Lecture Macroeconomics (20/e): Chapter 14 - McConnell, Brue, Flynn

Chapter 14 - Money, banking, and financial institutions. In this chapter, we start by looking at the functions of money and the definitions of the money supply. Then there is a discussion of the factors that back the money supply. In this chapter, you will be introduced to the . banking system, in particular, the Federal Reserve. You will learn about their functions and how the Fed has been set up. | Chapter 14 The Demand for Resources Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. The demand for resources, mainly labor, is concentrated on in this chapter. Resource prices and their implications on money income, cost minimization, resource allocation, and policies are examined. Then the resource demand curve is derived in purely competitive and imperfectly competitive markets. The optimal combination of resources and the least cost rule and profit maximization are looked at as well. The Last Word is about how ATMs have replaced human labor in the banking industry. Significance of Resource Pricing Determines money income for the household Cost minimization Resource allocation Policy issues LO1 Studying resource pricing aids in the understanding of economic activity in several ways. Resource prices are a major factor in determining the income of households. To firms, resource

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