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UTILITY MEASUREMENT: A quantification of the satisfaction of wants and needs achieved through the consumption of goods and services. In principle, utility measurement can take one of two forms: (1) cardinal, which is based on numerical values (1, 2, 3, etc.) and (2) ordinal which is based on rankings (first, second, third, etc.). While the hypothetical instructional analysis of utility relies on cardinal utility, ordinal utility is a more realistic way to measure satisfaction.

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Lesson 12: Business Cycles | Unit 4: Causes Page: 20 of 26

Topic: Politics <=PAGE BACK | PAGE NEXT=>

Re-election seeking politicians is a second explanation for business cycles. Four propositions lay the foundation:
  • An elected leader remains an elected leader only if re-elected.
  • Government can influence economic activity through stabilization policies. Fiscal policy, lower taxes and more spending, can trigger an expansion. The opposite can cause a contraction.
  • Voters re-elect current leader during good times and elect new leaders during bad times. They vote their pocketbooks.
  • Elected leaders know how this process works and give us the recipe for a politically induced business cycles.

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NET-EXPORT EFFECT

A change in aggregate expenditures on real production, especially net exports from the foreign sector, that results because a change in the price level alters the relative prices of exports and imports. The net-export effect, also termed the international-substitution effect, is one of three effects underlying the negative slope of the aggregate demand curve associated with a movement along the aggregate demand curve and a change in aggregate expenditures. The other two are real-balance effect and interest-rate effect. The net-export effect is somewhat analogous to the substitution effect underlying the negative slope of the market demand curve.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a brown leather attache case or car battery jumper cables. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"No amount of business school training or work experience can teach what is ultimately a matter of personal character. "

-- Truett Cathy, Chick-fil-A Inc. founder

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