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MARGINAL REVENUE CURVE, MONOPOLISTIC COMPETITION: A curve that graphically represents the relation between marginal revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. The marginal revenue curve reflects the degree of market control held by a firm. For a monopolistically competitive firm with some market control, but not a whole lot, the marginal revenue curve is negatively-sloped but relatively elastic.

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Lesson 10: Gross Domestic Product | Unit 3: Two Views of GDP Page: 15 of 25

Topic: Expenditures <=PAGE BACK | PAGE NEXT=>

The four sectors of the economy buy ALL current economic production and when aggregated give us GDP.

The four sectors and their expenditures:

  1. Household: Consumption (C).
  2. Business: Investment (I).
  3. Government: Government Expenditures (G).
  4. Foreign: Net Exports (X-M), the difference between Exports (X) and Imports (I).
Expenditures on GDP: GDP = C + I + G + (X-M)
  • C, I and G buy not just domestic goods and services, but also imports.
  • When we aggregate C, I, G and X we have domestic production plus imports. To measure only domestic production, we subtract imports (M).

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AMERICAN ECONOMIC ASSOCIATION

A formal organization of professional economists that promotes economic research, organizes annual meetings and conferences, and maintains a list of publications in several economics subjects. The American Economic Association (AEA) was originally organized by a small group interested in economics at a meeting in 1888 in Saratoga, New York. However, as interest in the subject grew, it officially incorporated in 1923. Although the AEA contained only a small number of members in the beginning, today the membership is approximately 18,000. In addition, about 4,600 libraries, institutions, and firms subscribe to the quarterly publications of the AEA.

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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
"Enthusiasm is the greatest asset in the world. It beats money and power and influence. It is no more or less than faith in action. "

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