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SCARCE GOOD: A resource with an available quantity less than its desired use. Scarce resources are also called factors of production. Scarce goods are also termed economic goods. Scarce resources are used to produce scarce goods. Like the more general society-wide condition of scarcity, a given resource is scarce because it has a limited availability in combination with a greater (potentially unlimited) productive use. It's both of these that make it scarce. In other words, even though an item is quite limited it will not be a scarce resource if it has few if any uses (think pocket lint and free good).

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Lesson 12: Business Cycles | Unit 5: Policies Page: 25 of 26

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

Contractionary policies avoid or limit the problems of business cycle expansions.
  • Contractionary fiscal policy is decreasing government spending or increasing taxes. Less spending can directly offset an inflation-inducing expansion. Higher taxes reduces spending indirectly by reducing household income.
  • Contractionary monetary policy is decreasing in the amount of money in circulation. Less money means less spending.

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PERFECT COMPETITION, LOSS MINIMIZATION

A perfectly competitive firm is presumed to produce the quantity of output that minimizes economic losses, if price is greater than average variable cost but less than average total cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and shutdown (if price is less than average variable cost).

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Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for cardboard boxes.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. "

-- Napoleon Hill, author

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