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SOTHEBY'S: An English auction house founded by Samuel Baker in 1774. Originally, Sotheby's activities as an auctioneer focused on books. Today the company, which is one of the leading auction houses internationally, has expanded its scope to cover all areas of fine art, antiques, jewelry and real estate. On each sale, Sotheby's collects commissions and fees from both the buyer and the seller. In addition to auction operations, Sotheby's is also involved in a number of related activities, including the purchase and resale of art and other collectibles and the brokering of art and collectible purchases and sales through private treaty sales.

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Menu of Lessons
A. Introduction
  • Economic Basics
  • Economic Science
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  • B. The Market
  • Demand
  • Supply
  • Market
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  • C. Behind Demand
  • Consumer Demand
  • Utility and Demand
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  • Elasticity and Demand

  • D. Behind Supply
  • The Firm
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  • E. Market Structures
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  • Oligopoly

  • F. Factor Markets
  • Factor Demand
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    Microeconomics

    Introductory Microeconomics is the study of the individuals, firms, markets, and industries, including the topics of consumer demand, production, cost, market structures, and factor markets.

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    SHORT-RUN AGGREGATE MARKET

    A macroeconomic model relating the price level and real production under the assumption that SOME prices are inflexible, especially resource prices. This is one of two aggregate market submodels used to analyze business cycles, gross production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The other is the long-run aggregate market. The short-run aggregate market isolates the interaction between aggregate demand and short-run aggregate supply. The key assumption of this model is that SOME prices, especially resource prices, are inflexible. The primary result of this model is that the economy can achieve short-run equilibrium at real production that is either greater than or less than full-employment.

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    BEIGE MUNDORTLE
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    Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for slow moving vehicles with darkened windows.
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    North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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    International Bank for Reconstruction and Development
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