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WELFARE: An assortment of programs that provide assistance to the poor. The cornerstone of our welfare system is Aid to Families with Dependent Children (AFDC), which was created by the Social Security Act (1935). It provides cash benefits to assist needy families with children under the age of 18. Funding comes partly from the federal government and partly from states. Because states also administer their own programs, benefits and qualification criteria differ from state to state. A second part of the welfare system, one that's run entirely by the federal government, is Supplemental Security Income (SSI). This program provides cash benefits to elderly, blind, and disabled in addition to any benefits received through the Social Security system. Our welfare system includes a whole bunch of additional benefits, including Medicaid, food stamps, low-cost housing, school lunches, job training, day care, and earned-income tax credits.

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Lesson 15: Aggregate Market | Unit 1: The Concept Page: 6 of 22

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  • The notion of the aggregate market as an analytical tool used for understanding the macroeconomy.
  • Combining the two sides of the aggregate market, aggregate demand and aggregate supply.
  • The two aspects of the macroeconomy analyzed with the aggregate market--the price level and real production.
  • The two basic problems that can be examined with the aggregate market--unemployment and inflation.

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PRODUCTION INPUTS

The resources, or factors of production, used in the production of output by a firm. This term is most frequently associated with the analysis of short-run production, and is often modified by the terms fixed and variable, as in fixed input and variable input. The quantity of a variable input can be changed in the short run and the quantity of a fixed input cannot be changed.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for the happiest person in the room.
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A half gallon milk jug holds about $50 in pennies.
"The past cannot be changed. The future is yet in your power. "

-- Hugh White, U.S. Senator

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