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DEPRESSION: An extended period--a decade or so--of restructuring and institutional change in an economy that's often marked by declining or stagnant growth. During this period, unemployment tends to be higher and inflation lower than a regular, run-of-the-mill recession. Moreover, a depression usually lasts in the range of ten years, often encompassing two or three separate shorter-run business cycles. The most noted depression in the U. S. economy was the Great Depression of the 1930s.

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Lesson 11: Circular Flow | Unit 3: Government Page: 13 of 22

Topic: Government Purchases <=PAGE BACK | PAGE NEXT=>

Government spending is divided into government purchases of GDP and transfer payments.
  • Transfer payments include welfare to the poor, unemployment compensation, and Social Security benefits.
  • Transfer payments are like negative taxes, but flow from the government sector to the household sector.
  • The circular tax flow is the net tax flow from households to government, taxes minus transfer payments.
  • Government purchases are the green flow from the government sector to the product markets.
  • As an expenditure on GDP, government purchases are comparable to consumption by the household sector and investment by the business sector.

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LONG-RUN INDUSTRY SUPPLY CURVE

The relation between market price and the quantity supplied by all firms in a perfectly competitive industry after the industry has completed its long-run adjustment. The long-run industry supply curve effectively traces out a series of equilibrium prices and quantities that reflect long-run adjustments of a perfectly competitive industry to demand shocks. This long-run adjustment can take one of three paths, indicating an increasing-cost industry, a decreasing-cost industry, and a constant-cost industry.

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Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for malfunctioning pocket calculators.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
"You are never given a dream without also being given the power to make it true."

-- Richard Bach, Author

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