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ECONOMIC DEVELOPMENT: The process of improving the economy's ability to satisfy consumers wants and needs. Unlike economic growth, which is concerned with year to year increases in production, economic development deals more with the basic fabric of society, especially the institutions that govern the way our economy and society functions. As such, a lesser developed nation is not only likely to have a low levels of production and limited amount capital, but also cultural beliefs and government practices that prevent more effective use of the capital.

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Lesson 13: Aggregate Demand | Unit 3: The Curve Page: 14 of 22

Topic: Net-Export Effect <=PAGE BACK | PAGE NEXT=>

An increase in the price level decreases exports and increases imports, which gives us a decrease in net exports.
  • If the price level increases in one country, the production of other countries becomes relatively cheaper.
For example:
  • An increase in the U.S. price level discourages foreign buyers from buying U.S. goods, and encourages U.S. buyers to buy relatively cheaper foreign goods.
The net-export effect is that a change in the price level, changes the relative prices of exports and imports, and changes net exports in the opposite way.

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MARKET ADJUSTMENT

The economic analysis of changes in market equilibrium caused by changes in any of the five demand determinants and/or the five supply determinants. Market adjustment comes in one of eight varieties, given that the two curves comprising the market (demand curve and supply curve) can either increase or decrease, individually or simultaneously. Four adjustments involve a shift of EITHER the demand curve OR the supply curve. The other four adjustments involve shifts of BOTH the demand curve AND the supply curve.

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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either a half-dozen helium filled balloons or a packet of address labels large enough for addresses of both the sender and the recipient. Be on the lookout for vindictive digital clocks with revenge on their minds.
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A half gallon milk jug holds about $50 in pennies.
"Whatever course you decide upon, there is always someone to tell you that you are wrong. There are always difficulties arising which tempt you to believe that your critics are right. To map out a course of action and follow it to an end requires...courage."

-- Ralph Waldo Emerson

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