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A POSTERIORI: A conclusion reached through logical reasoning based on facts and observations about the real world. This notion is closely related to the scientific verification of hypotheses and the identification of principles. A similar sounding, but opposite term is a prior, which is a unverified presumption made before an analysis is undertaken. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.

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Lesson 11: Circular Flow | Unit 1: Basic Flow Page: 4 of 22

Topic: The Physical Flow <=PAGE BACK | PAGE NEXT=>

Two sectors: household and business.

Two markets: product and factor.

  • The physical flow is the counter-clockwise flow of resources from the household to business sector and production from the business to household sector.
  • Production flows from the business sector (supply) to the household sector (demand) through the product markets.
  • Resources flow from the household sector (demand) to the business (supply) sector through the factor markets.
  • The household sector sells the resources through the factor markets and buy goods through the product markets.
  • The business sector buys resources through the factor markets and sells goods through the product markets.

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STABILITY

Eliminating macroeconomic fluctuations in prices, employment, and production. Stability is primarily directed toward keeping inflation in check and avoiding high or unpredictable inflation rates that create uncertainty and cause haphazard redistribution of income and wealth. This is one of the five economic goals and one of three macroeconomic goals. The other goals are economic growth, full employment, efficiency, and equity.

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Today, you are likely to spend a great deal of time at a garage sale seeking to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for deranged pelicans.
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In the early 1900s around 300 automobile companies operated in the United States.
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