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December 15, 2018 

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GDP DEFLATOR: A price index based on the calculation of real gross domestic product that's used as an indicator of average prices in the economy. Those loveable economists who spend their days and nights compiling and estimating the size of our economic pie provide estimates of gross domestic product in both nominal dollars and real dollars.

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Lesson 12: Business Cycles | Unit 4: Causes Page: 22 of 26

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  • Why complexity of the economy makes it difficult to identify, without debate or question, THE cause of business cycles.
  • The investment cause of business cycles, based on the volatility of investment, how investment is affected by interest rates, how interest rates change over the business cycle, and the time it takes to produce capital goods.
  • Why the investment cause implies the use of fiscal policy and why pro-government types like this explanation.
  • The politics cause of business cycles, based on politicians seeking re-election, government's ability to control the economy, and voters voting their pocketbooks.
  • Why the politics cause implies the best policy is no policy and why anti-government types like this explanation.

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MARKET EQUILIBRIUM

The state of equilibrium that exists when the opposing market forces of demand and supply achieve a balance with no inherent tendency for change. Once achieved, a market equilibrium persists unless or until it is disrupted by an outside force, especially the demand and supply determinants. A market equilibrium is indicated by equilibrium price and equilibrium quantity.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?

A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success. "

-- Pablo Picasso, artist

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Labor Force, Laissez-Faire
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