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PERFECT COMPETITION, FACTOR MARKET ANALYSIS: The analysis of a factor market characterized by perfect competition indicates that each buyer maximizes profit by equating marginal revenue product to the factor price. This achieves an efficient allocation of resources and provides a benchmark for analyzing other factor market structures, including monopsony, monopoly, and bilateral monopoly.
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Lesson 11: Circular Flow | Unit 4: Foreign
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Page: 16 of 22
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The foreign sector is the fourth and last circular flow sector.- The foreign sector is households, businesses, and governments outside the domestic economy (including other planets).
- Market exchanges are a natural means of addressing the scarcity problem. Mutually beneficial exchanges aren't limited by geographic location or political boundaries.
- Foreign trade, the exchange among buyers and sellers in different nations, is an extension of mutually beneficial exchanges among people of the same country.
- Foreign trade gives us the terms exports and imports.
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CHANGE IN DEMAND A shift of the demand curve caused by a change in one of the demand determinants. A change in demand is caused by any factor affecting demand EXCEPT price. A related, but distinct, concept is a change in quantity demanded.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at an auction hoping to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for slow moving vehicles with darkened windows.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Do something wonderful; people may imitate it. " -- Albert Schweitzer, theologian, physician
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TNV
Total Net Value
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