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ACCOUNTING PROFIT: The difference between a business's revenue and it's accounting expenses. This is the profit that's listed on a company's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. It frequently has little relationship to a company's economic profit because of the difference between accounting expense and the opportunity cost of production. Some accounting expense is not an opportunity cost and some opportunity cost is does not show up as an accounting expenses.

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Lesson 13: Aggregate Demand | Unit 3: The Curve Page: 12 of 22

Topic: Real-Balance Effect <=PAGE BACK | PAGE NEXT=>

The amount of production we purchase depends on how much money we have and the price of the production we want to buy.
  • A higher price level means money can buy less real production.
  • A lower price level means money can buy more real production.
The real-balance effect is when a change in the price level changes aggregate expenditures on real production because the purchasing power of money changes.
  • Real refers to the real purchasing power of money.
  • Balances refers to the balance of money we have to purchase.

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LONG-RUN INDUSTRY SUPPLY CURVE

The relation between market price and the quantity supplied by all firms in a perfectly competitive industry after the industry has completed its long-run adjustment. The long-run industry supply curve effectively traces out a series of equilibrium prices and quantities that reflect long-run adjustments of a perfectly competitive industry to demand shocks. This long-run adjustment can take one of three paths, indicating an increasing-cost industry, a decreasing-cost industry, and a constant-cost industry.

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Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for slow moving vehicles with darkened windows.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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