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COMMODITY MONEY: A medium of exchange (money) with both value in use and value in exchange. Commodity money is first and foremost a commodity that provides users with satisfaction of their wants and needs. However, it also has the secondary function of a medium of exchange.

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Lesson 13: Aggregate Demand | Unit 2: Doing More Page: 8 of 22

Topic: Net Exports <=PAGE BACK | PAGE NEXT=>

The foreign sector, everyone who is not a citizen of our domestic economy, also purchases domestic production. These are termed net exports.

Net exports are exports minus imports.

  • Exports are purchases of domestic production by the foreign sector.
  • Imports are the purchases of foreign production by the domestic sector.
  • Net exports gives us an overall picture of how our economy interacts with the foreign sector.
  • Calculating net exports by subtracting imports gives us aggregate expenditures on domestic production only.

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OLIGOPOLY, BEHAVIOR

Oligopolistic industries share several behavioral tendencies, including: (1) interdependence, (2) rigid prices, (3) nonprice competition, (4) mergers, and (5) collusion. In other words, each oligopolistic firm keeps a close eye on the decisions made by other firms in the industry (interdependence), are reluctant to change prices (rigid prices), but instead try to attract customers from the competition using incentives other than prices (nonprice competition), and when they get tired of competing with their competitors they are inclined to cooperate formally and legally (mergers) or informally and illegally (collusion).

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APLS

BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for broken fingernail clippers.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
"Give the American people a good cause, and there's nothing they can't lick. "

-- John Wayne, actor

AACT
American Assocation of Commodity Traders
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