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GROSS DOMESTIC PRODUCT, EXPENDITURES: A method of estimating gross domestic product (GDP) based on identifying the aggregate expenditures (consumption, investment, government purchases, and net exports) made by the four basic macroeconomic sectors (household, business, government, and foreign). This is one of two methods used by the Bureau of Economic Analysis in the National Income and Product Accounts to estimate gross domestic product.

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Lesson 6: Supply | Unit 4: Determinants Page: 17 of 19

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  • How relaxing the ceteris paribus assumption makes further analysis of supply and markets possible.
  • How the changes in the supply determinants cause rightward or leftward shifts in the supply curve.
  • The five basic supply determinants: resource prices, technology, prices of other goods, sellers' expectations, and number of sellers, and how each shifts the supply curve.
  • How a change in the price of a substitute-in-production affects supply differently than a change in the price of a complement-in-production.
  • Most important of all, the difference between a change in supply, caused by a change in a supply determinant, and a change in quantity supplied, caused by a change in price.


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AVERAGE REVENUE AND MARGINAL REVENUE

A mathematical connection between average revenue and marginal revenue stating that the change in the average revenue depends on a comparison between average revenue and marginal revenue. For perfect competition, with no market control, marginal revenue is equal to average revenue, and average revenue does not change. For monopoly and other firms with market control, marginal revenue is less than average revenue, and average revenue falls.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for broken fingernail clippers.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
"Now is the only time there is. Make your now wow, your minutes miracles, and your days pay. Your life will have been magnificently lived and invested, and when you die you will have made a difference."

-- Mark Victor Hansen

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