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OLIGOPOLY CHARACTERISTICS: The three most important characteristics of oligopoly are: (1) an industry dominated by a small number of large firms, (2) firms sell either identical or differentiated products, and (3) the industry has significant barriers to entry.

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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP Page: 6 of 25

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Measuring GDP in the U.S. economy uses data involving $8 trillion of production, 270 million consumers, hundreds of thousands of businesses, and a huge number of market transactions.
  • The circle on the left represents all current economic production in the economy. This is what GDP seeks to measure.
  • But GDP can not measure this directly. Information for measuring GDP comes from market transactions.
  • The circle on the right represents all market transactions.
  • Much of the economic production circle overlaps the market transaction circle. But each circle has a slice not contained in the other.

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AVERAGE PROPENSITY TO CONSUME

The proportion of household income that is used for consumption expenditures. The average propensity to consume (abbreviated APC) is really nothing more than average consumption. Together with the average propensity to save, it indicates how a given level of income is divided between consumption and saving. A related consumption measure is the marginal propensity to consume.

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APLS

ORANGE REBELOON
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Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for rusty deck screws.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. "

-- Steve Jobs, Apple Computer founder

ACRS
Accelerated Cost Recovery System
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