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December 11, 2018 

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PAYMENT FLOW: In the circular flow, the clockwise transfer of money in payment for the counter-clockwise physical flow of goods and services. The payment flow is the monetary payment for goods and services received by the household sector from the business sector through product markets and the monetary payment for resource services obtained by the business sector from the household sector through factor markets.

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Lesson 15: Aggregate Market | Unit 3: Doing Curves Page: 11 of 22

Topic: Long-Run Equilibrium <=PAGE BACK | PAGE NEXT=>

Long-run equilibrium in the aggregate market can be seen by combining the aggregate demand and supply sides (curves) of the market into a graph.
  • Equilibrium in the long run aggregate market equilibrium is at the intersection of the two curves and at full-employment production.
  • At the long-run equilibrium:
    • The quantity of real production supplied is equal to the quantity of real production demanded.
    • Both sides of the market are satisfied and not inclined to change the price level.

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MANAGERIAL BEHAVIOR

A preference for maintaining the status quo over changing it based on relatively greater satisfaction generated by redundant information over novel information. Managerial behavior is well suited for keeping an existing business and complex organizations running smoothly and efficiently. This behavior is inclined to manage, to administer, and to apply existing rules and procedures. An alternative is entrepreneurial behavior, which is a preference for changing the status quo over maintaining it.

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APLS

PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store trying to buy either a set of serrated steak knives, with durable plastic handles or a pair of blue silicon oven mitts. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?

A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"There comes a time when the mind takes a higher plane of knowledge but can never prove how it got there. "

-- Albert Einstein, physicist

CACM
Central American Common Market
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