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

---

Definitions:

Fixation

An obsessive focus or attachment to a person, idea, or object that impedes psychological development.

Algorithms

Algorithms are defined sequences of instructions or rules designed to solve specific problems or accomplish particular tasks effectively and efficiently.

Cognition

The cognitive process of gaining awareness and comprehension via thinking, experiencing, and sensory perception.

Confirmation Bias

The tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses.