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DOW JONES AVERAGES: These are the most widely used and recognized indexes of stock market prices in our economy. There are actually three separate indexes, for (1) 30 industrial stocks, (2) 20 transportation stocks, and (3) 15 utility stocks. There's also a composite index for all 65 stocks.
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Lesson 3: Scarcity | Unit 1: The Concept
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- Scarcity is the pervasive condition that exists because society has unlimited wants and needs, but limited resources used for their satisfaction.
Meaning:- We can't have everything because resources are limited.
Unlimited wants and needs are half of the scarcity problem.- Unlimited wants and needs are what motivate us to take action, to produce goods, and to advance our well-being.
- We are motivated to do things that satisfy these wants and needs. Satisfaction is achieved when wants and needs are fulfilled.
- Scarcity results because wants and needs are unlimited. No one has ever been completely satisfied. We always want more.
Limited resources are the other half of our scarcity problem. - Resources are the stuff that we use to produce the goods that fulfill our wants and needs.
- Resources are the things that make satisfaction possible.
- Resources are limited. We have only so much 'stuff' than can be used to produce the goods that satisfy our wants and needs.
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OUTPUT GAPS Recessionary and inflationary gaps created by differences between equilibrium real production achieved by the short-run aggregate market and full-employment real production. A recessionary gap occurs if short-run equilibrium real production is less than full-employment real production. An inflationary gap results if short-run real equilibrium production is greater than full-employment real production.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius hoping to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"Nobody can be successful unless he loves his work. " -- David Sarnoff, TV pioneer
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BEA
Bureau of Economic Analisys
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