March 17, 2018 

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COMPARABLE WORTH: The notion that different jobs requiring comparable, but not identical, skills should be paid the same wage. The logic behind comparable worth is that centuries (perhaps even millennia) of discrimination against women by men have relegated women to second-class, poorly paid jobs with little or no chance for advancement. Men, in contrast, with the same education, skills, and abilities are able to get the better, higher paying jobs. Comparable worth would be a program in which different jobs are evaluated and scored, based on the skills, responsibilities, and education needed. Jobs with the same scores would then be required to have the same pay.

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Lesson 1: Economic Basics | Unit 5: Policies Page: 17 of 18

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  • The use of government policies to pursue the five economic goals of a mixed economy.
  • The four government policies used to pursue economic goals: fiscal, monetary, regulatory, judicial.
  • The five reasons for government action: instability, public goods, limited competition, externalities, and inadequate information.
  • The four imperfections of government action: voter apathy, special interest groups, re-election minded politicians, and complex bureaucracies.

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An explanation of the law of demand and the negatively-sloped demand curve based on utility analysis and the law of diminishing marginal utility. The law of diminishing marginal utility states that marginal utility declines as consumption increases. Because demand price depends on the marginal utility obtained from a good, price also declines as consumption increases, meaning price and quantity demanded are inversely related, which is the law of demand.

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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"If football taught me anything about business, it is that you win the game one play at a time."

-- Fran Tarkenton, Football Player

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