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NASH EQUILIBRIUM: A concept from Game Theory which establishes that a set of strategies followed by economic agents within a game is in equilibrium if, holding the strategies of all other economic agents constant, no economic agent can obtain a higher payoff by choosing a different strategy. For example, when firms operate within an oligopoly, once a Nash equilibrium has been reached, none of them will want to change their strategy because by doing it they cannot obtain a higher profit.

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Lesson 13: Aggregate Demand | Unit 4: Determinants Page: 16 of 22

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

Expenditures by the household, business, government and foreign sector change over time, causing instability in the economy.
  • Economic instability found in complex economies, business cycles, can be traced to shifts of the aggregate demand curve.
  • The ceteris paribus determinants of the aggregate demand curve are those things that disrupt equilibrium, and lead to macroeconomic instability.
Aggregate demand determinants are things, other than the price level, that affect aggregate demand.

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VOTING RULES

The guidelines followed by groups of individuals or members of society when making collective or joint decisions that involve casting formal indications of choice (that is, votes). The five most noted voting rules are majority, super majority, unanimity, plurality, and weighted. These rules determine if a choice is or is not approved by the voting group. Voting rules are important for the study of public choice and government inefficiencies that arise in the voting process due to the median voter, logrolling, and the voting paradox.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a flower arrangement for your aunt or a birthday greeting card for your uncle. Be on the lookout for defective microphones.
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This isn't me! What am I?

The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
"If things are not going well with you, begin your effort at correcting the situation by carefully examining the service you are rendering, and especially the spirit in which you are rendering it."

-- Roger Babson, statistician and columnist

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