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AD-AS MODEL: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The AS-AD model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).

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Lesson 1: Economic Basics | Unit 2: Doing Economics Page: 6 of 18

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  • The science of positive economics and the art of normative economics.
  • Macroeconomics, microeconomics and some specialized fields of economic study.
  • Six common logical fallacies to avoid: false cause, attacking the messenger, appealing to the masses, appealing to a false authority, composition, and division.

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AVERAGE FACTOR COST CURVE, PERFECT COMPETITION

A curve that graphically represents the relation between average factor cost incurred by a perfectly competitive firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a perfectly competitive firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a genuine down-filled snow parka or throw pillows for your living room sofa. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?

The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
"Success is more a function of consistent common sense than it is of genius. "

-- An Wang, industrialist

TIBOR
Tokyo Interbank Offered Rate (Japan)
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