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A POSTERIORI: A conclusion reached through logical reasoning based on facts and observations about the real world. This notion is closely related to the scientific verification of hypotheses and the identification of principles. A similar sounding, but opposite term is a prior, which is a unverified presumption made before an analysis is undertaken. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.

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Lesson 14: Aggregate Supply | Unit 2: Two Options Page: 7 of 20

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  • The differences between the long run and the short run aggregate supply, in terms of price flexibility and full employment.
  • How the long run is achieved when all prices are flexible, giving us full employment and equilibria in the product, financial, and resource markets.
  • How aggregate supply reacts in the long run to more or less demand for aggregate production to maintain full employment at alternative price levels.

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FINAL GOODS

Goods (and services) that are available for purchase by their ultimate or intended user with no plans for further physical transformation or as inputs in the production of other goods. Gross domestic product seeks to measure the market value of final goods. Final goods, also termed final goods and services, are purchased through product markets by the four macroeconomic sectors (household, business, government, and foreign) as consumption expenditures, investment expenditures, government purchases, and exports. Final goods, which are closely related to the term current production, do not include intermediate goods--goods (and services) that will be processed further before reaching their ultimate user.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either a remote controlled train set or a genuine down-filled snow parka. Be on the lookout for cardboard boxes.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later. "

-- Harold S. Green, MCI founder

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