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MARGINAL UTILITY CURVE: A curve illustrating the relationship between the marginal utility obtained from consuming a good and the quantity of the good consumed. The marginal utility curve can be used to derived the demand curve, which is discussed in detail in the entry on marginal utility and demand. If you've nothing better to do for the moment, let's derive a marginal utility curve.
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Lesson 10: Gross Domestic Product | Unit 3: Two Views of GDP
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Page: 15 of 25
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The four sectors of the economy buy ALL current economic production and when aggregated give us GDP. The four sectors and their expenditures: - Household: Consumption (C).
- Business: Investment (I).
- Government: Government Expenditures (G).
- 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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AGGREGATE EXPENDITURES DETERMINANTS Ceteris paribus factors, other than aggregate income or production, that are held constant when the aggregate expenditures line is constructed and which cause the aggregate expenditures line to shift when they change. Some of the more important aggregate expenditures determinants are interest rates, expectations, fiscal policy, wealth, and exchange rates.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either 500 feet of coaxial cable or a coffee cup commemorating the 1960 Presidential election. Be on the lookout for attractive cable television service repair people.
Your Complete Scope
This isn't me! What am I?
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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.
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"I've always believed that if you put in the work, the results will come. I don't do things half-heartedly. Because I know if I do, then I can expect half-hearted results. " -- Michael Jordan, basketball player
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OLS
Ordinary Least Squares
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