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AD CURVE: The aggregate demand curve, which is a graphical representation of the relation between aggregate expenditures on real production and the price level, holding all ceteris paribus aggregate demand determinants constant. The aggregate demand, or AD, curve is one side of the graphical presentation of the aggregate market. The other side is occupied by the aggregate supply curve (which is actually two curves, the long-run aggregate supply curve and the short-run aggregate supply curve). The negative slope of the aggregate demand curve captures the inverse relation between aggregate expenditures on real production and the price level. This negative slope is attributable to the interest-rate effect, real-balance effect, and net-export effect.

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Lesson 3: Scarcity | Unit 3: Opportunity Cost Page: 11 of 17

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  • The basic concept of opportunity cost as the highest valued alternative foregone in the pursuit of an activity.
  • How the fact that limited resources have alternative uses intertwines the notion of opportunity cost and the basic problem of scarcity.
  • Why economic cost is synonymous with opportunity cost.
  • Why opportunity cost need not be measured in money terms.
  • The difference between explicit and implicit opportunity cost.

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ECONOMY

The system of production, distribution, and consumption of goods and services that a society uses to address the problem of scarcity.

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APLS

BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for malfunctioning pocket calculators.
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Two and a half gallons of oil are needed to produce one automobile tire.
"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. "

-- Napoleon Hill, author

IJIO
International Journal of Industrial Organization
A PEDestrian's Guide
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