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INCENTIVE: A cost or benefit that motivates a decision or action by consumers, businesses, or other participants in the economy. Some incentives are explicitly created by government policies to achieve a desired end or they can just be part of the wacky world we call economics. The most noted incentive in the study of economics is that provided by prices. When prices are higher buyers have the "incentive" to buy less and sellers have the "incentive" to sell more. Price incentives play a fundamental role in the . When prices are higher buyers have the "incentive" to buy less and sellers have the "incentive" to sell more. Price incentives play a fundamental role in the allocation. When prices are higher buyers have the "incentive" to buy less and sellers have the "incentive" to sell more. Price incentives play a fundamental role in the allocation system that society uses to answer the three questions of allocation.
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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP
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Page: 8 of 25
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Slice B includes economic production that does NOT involve market transactions.- The market value of nonmarket economic production for some goods can be estimated and included in GDP.
- In-kind payments: This is nonmarketed production obtained by business owners or employees in lieu of money payment. Although no market transaction, GDP includes the estimated value of these transactions.
- Owner-occupied housing: The value of owner-occupied housing services are not measured by market transaction. GDP includes the estimate the value of these services.
At least part of slice B is included in GDP.
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AUCTION A formal market exchange in which prospective buyers make bids to purchase a commodity. An auction is an effective way of exchanging commodities by bringing together buyers and sellers. Auctions are commonly used to exchange financial instruments, agricultural commodities, personal assets, and works of art. Three notable types of auctions are English, Dutch, and sealed-bid.
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RED AGGRESSERINE [What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for slow moving vehicles with darkened windows. Your Complete Scope
This isn't me! What am I?
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"Always vote for principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost. " -- John Quincy Adams, 6th US president
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ASEAN Association of South East Asian Nations
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