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POVERTY RATE: The proportion of the population that lies beneath the official poverty line. For example, if the total population of the country is 270 million, and 40 million have incomes placing them below the official poverty line, then the poverty rate is 14.8%.

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Lesson 14: Aggregate Supply | Unit 3: The Curves Page: 10 of 20

Topic: Market Supply <=PAGE BACK | PAGE NEXT=>

While the market supply curve and the short-run aggregate supply curve look similar, there are important differences.
  • The price and quantity for the short-run aggregate supply curve are the price level and real production, not the price and quantity of a specific good.
  • The positive slope of the short-run aggregate supply curve is based on rigid wages, tapping into frictional, and structural unemployment, and misperceptions about real wages. The slope of the market supply curve is based on increasing opportunity cost.
  • The short-run aggregate supply curve is not just the aggregation of all market supply curves in the economy.

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LAISSEZ FAIRE

The notion that government should not intervene into production, consumption, and exchange activities and that the private sector (households and businesses) should be free to make allocation decisions. Laissez faire is a French term that roughly translates into "allow to act." It has been the rallying cry for many people (primarily business leaders) who oppose government intervention, regulation, or even taxation since it was popularized in the late 1700s by Adam Smith in The Wealth of Nations.

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ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either 500 feet of coaxial cable or a coffee cup commemorating the 1960 Presidential election. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?

Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"A stumble may prevent a fall. "

-- Margaret Thatcher, British prime minister

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