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LINE ITEM VETO: A policy intended to address the efficiency caused by legislative logrolling by giving executive officers who have veto authority over legislation (Presidents, Governors, Mayors), the ability to veto specific sections of a legislative act rather than the entire act. With a standard veto, the executive vetoes the entire piece of legislation. With line item veto, the executive can veto only parts of the legislation while signing the rest of it into law. While a line item veto is likely to reduce logrolling, it effectively gives the executive officer more power and authority.

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Lesson 15: Aggregate Market | Unit 2: Equilibrium Page: 8 of 22

Topic: Three Markets <=PAGE BACK | PAGE NEXT=>

The macroeconomy contains three interrelated aggregate markets--product markets, resource markets, and financial markets.

In general, a market is in equilibrium when buyers and sellers come upon a price that generates the same quantity demanded and quantity supplied.

Two macroeconomic notions of equilibrium:

  • Long-run equilibrium: All three aggregate markets achieve equilibrium simultaneously.
  • Short-run equilibrium: Price and wage rigidity prevent equilibrium in the resource markets, even though the aggregate product and financial markets are in equilibrium.

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CORPORATION

A business established through ownership shares (termed corporate stock) with limited liability of company debts by the owners. A corporation is considered a distinct legal person, separate from its owners. As such, the owners have limited liability. They are only liable for the value of the ownership share and cannot be held personally responsible for any corporate debts. A corporation is one of the three basic forms of business organization. The other two are proprietorship and partnership.

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Today, you are likely to spend a great deal of time searching the newspaper want ads hoping to buy either a printer that works with your stockpile of ink cartridges or income tax software. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"The secret of getting ahead is getting started. The secret of getting started is breaking your complex, overwhelming tasks into small manageable tasks, and then starting on the first one. "

-- Mark Twain, writer

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