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RAW MATERIALS: The stuff used in the production of tangible products that become the tangible products. Raw materials, also shorted to just materials, are part of the land category of scarce resources. Space is also part of the land resource category. Another term that works as a synonym for materials is natural resources. Perhaps it's obvious that without materials, there would be no tangible products.

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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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INDUCED EXPENDITURES

Expenditures on aggregate production by the four macroeconomic sectors that depend on income or production (especially national income or even gross domestic product). That is, changes in income generate changes in these expenditures. Each of the four aggregate expenditures--consumption, investment expenditures, government purchases, and net exports--have an induced component. Induced expenditures are measured by the slope of the aggregate expenditures line. The alternative to induced expenditures are autonomous expenditures, expenditures which do not depend on income.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for jovial bank tellers.
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This isn't me! What am I?

It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
"Lead the life that will make you kindly and friendly to everyone about you, and you will be surprised what a happy life you will lead."

-- Charles M. Schwab

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