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ADAM SMITH: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.

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Lesson 11: Circular Flow | Unit 3: Government Page: 14 of 22

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

When government does not collect enough taxes to pay for purchases, it borrows through the financial markets.
  • The federal deficit is borrowing by the federal government to make up the difference between taxes and spending.
  • State and local governments also borrow through financial markets.
  • The green flow leaving the financial markets and entering the government sector is government borrowing.
  • Government sector purchases can be less than taxes, which means government saves to the financial markets.
  • Many state and local governments actually save. State and local saving reduces total government sector borrowing in times of high federal deficits.

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MARGINAL REVENUE, PERFECT COMPETITION

The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a perfectly competitive firm receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a perfectly competitive firm equates marginal revenue and marginal cost.

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Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either a birthday gift for your aunt or a pair of leather sandals that won't cause blisters. Be on the lookout for cardboard boxes.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
"Give the American people a good cause, and there's nothing they can't lick. "

-- John Wayne, actor

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