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MARKET-ORIENTED ECONOMY: A mixed economy that relies heavily on markets to answer the three basic questions of allocation, but with a modest amount of government involvement. While it is commonly termed capitalism, market-oriented economy is much more descriptive of how the economy is structure.
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Lesson Contents
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Unit 1: Adjustments |
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Unit 2: Determinants |
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Unit 3: Single Shifts |
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Unit 4: Double Shifts |
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Unit 5: Cause and Effect | |
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Market Shocks
Our goal in this lesson is to investigate disruptions of the market. Specifically, we want to use the market model previously developed, to examine the why and how of market shocks. What causes market shocks? How to markets react when shocked? These are just a few of the questions we want to consider. If the truth be known, markets in the real world don't remain at the same locations for very long. They move. They adjust. Prices change. Quantities change. We can understand these real world market changes, by analyzing what happens to market model when it's shocked. - The first unit of this lesson lays the foundation of analyzing market shorts with an overview of the adjustment process and the particular role played by the ceteris paribus assumption.
- In the second unit, we review the five determinants of demand and five determinants of supply, because these are the are what cause market disruptions.
- We then move into the actual adjustment process in the third unit, examining the four basic disruptions involving a shift in either the demand or supply curve.
- The fourth unit builds on these four basic shifts to exam four complex shifts that have simultaneous shifts in both the demand and supply curves.
- We end this lesson in the fifth unit by relating these market shocks to the fundamental notion of cause and effect inherent in the study of economic science.
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BALANCE ON SERVICES A subset of the balance of payments current account that records the difference between the payments received for exports of services to other nations and the payments made for the imports of services from other nations. The flow of payments is for intangible services, not for physical or tangible goods. The balance on services is thus appropriately divided into services exported and services imported. Two other subsets of the current account include the balance on merchandise trade and unilateral transfers. The commonly termed balance of trade is the sum of the balance on merchandise trade and the balance on services.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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IRBNE
Income Received But Not Earned
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