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TRADING BLOC: A group of countries that are economically intertwined, share some common cultural background, are located close together, and coordinate their foreign trade policies. There are three trading blocs of note, North America, Europe, and Asia, although other portions of the globe aspire to this status. The North American bloc centers around the good old U. S. of A. with Canada and Mexico playing increasingly important roles. The European bloc contains most of the Western Europe with leading roles played by Germany, Britain, and France. Japan is the center of the Asian bloc that includes Korea, Taiwan, Hong Kong, Malaysia, and several others.

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Lesson 7: Market | Unit 1: The Exchange Page: 5 of 22

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  • The concept of markets as voluntary trades among buyers and sellers that is used to address the scarcity problem.
  • Four key points about markets:
    • They combine demand and supply.
    • They trade goods, services, and resources.
    • They are voluntary.
    • They are analyzed over a give time period.
  • Examples of different markets, ranging from a formal, organized stock market to a less formal, less organized rummage sale.
  • The nature of market equilibrium as a balance of the forces of demand and supply.
  • How market equilibrium is indicated by the equilibrium quantity and equilibrium price.
  • The importance of competition to the efficient operation of markets and how the number of participants determines competition among buyers and sellers.


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CHANGE IN REAL PRODUCTION

The movement along the short-run or long-run aggregate supply curve caused by a change in the price level. A change in real production is caused ONLY by a change in the price level. This is one of two changes related to aggregate supply. The other is a change in aggregate supply. A change in real production is comparable to a change in quantity supplied. A change in real production for short-run aggregate supply means real production changes with a movement along a given short-run aggregate supply curve. However, the term "change in real production" is also used for movements along a given long-run aggregate supply curve, even though real production does not actually change in the long run.

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Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for mail order catalogs with hidden messages.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. "

-- B. C. Forbes, founder, Forbes magazine

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