Define the Following Terms and Explain Their Importance to the Study

question 84

Essay

Define the following terms and explain their importance to the study of macroeconomics.
a.central bank
b.Federal Open Market Committee
c.supply of money
d.monetary policy

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Definitions:

Antecedents

Events or conditions that precede a behavior and influence its occurrence.

Modifying Behaviour

The process of using techniques, such as reinforcement or punishment, to alter an individual's actions or reactions.

Non-contingent Reinforcement

A behavior reinforcement strategy where rewards are given at fixed times or intervals, regardless of the behavior exhibited.

Thorndike

Edward Thorndike was an American psychologist who formulated the Law of Effect, which posits that behaviors followed by satisfying outcomes are likely to recur.