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ENVIRONMENT: All of the naturally occurring stuff that came with the planet, before it's been altered, extracted, transformed, or used up for production. It includes the air, water, land, vegetation, and wildlife.
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Lesson Contents
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Unit 1: The Exchange |
Unit 2: The Numbers |
Unit 3: A Graph |
Unit 4: Adjustment |
Unit 5: Efficiency |
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Market Equilibrium
In this lesson, we'll see how buyers (discussed in the demand lesson) come together with sellers (discussed in the supply lesson) to exchange commodities using a market. More precisely, this lesson develops an abstract market model, or market analysis, that we can use to explain and understand a wide range of real world exchanges. - This lesson begins in the first unit, The Exchange, with an overview of the basic exchange process underlying markets, including the notion of equilibrium, the roles played by price and quantity, and the importance of competition.
- In the second unit, The Numbers, we work through a simple market analysis using demand and supply schedules, highlight both equilibrium and disequilibrium conditions.
- The third unit, A Graph, then carefully examines the notion of market equilibrium using demand and supply curves, which generates the widely used graphical model of the market.
- Moving onto the fourth unit, Adjustment, we use the graphical market model to investigate the automatic market responses to shortages and surpluses.
- The lesson concludes in the fifth unit, Efficiency, by considering the relation between market exchanges and efficiency.
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BALANCE OF PAYMENTS A comprehensive set of accounts that tracks the flow of currency and other monetary assets coming in to and going out of a nation. These payments are used for international trade, foreign investments, and other financial activities. The balance of payments is divided into two accounts -- current account (which includes payments for imports, exports, services, and transfers) and capital account (which includes payments for physical and financial assets). A deficit in one account is matched by a surplus in the other account. The balance of trade is only one part of the overall balance of payments set of accounts.
Complete Entry | Visit the WEB*pedia |
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ORANGE REBELOON [What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors hoping to buy either a handcrafted bird house or a weathervane with a chicken on top. Be on the lookout for slow moving vehicles with darkened windows. Your Complete Scope
This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"Look at the abundance all around you as you go about your daily business. You have as much right to this abundance as any other living creature. It's yours for the asking." -- Earl Nightingale
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ATM Automated Teller Machine
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