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ACCOUNTING PROFIT: The difference between a business's revenue and it's accounting expenses. This is the profit that's listed on a company's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. It frequently has little relationship to a company's economic profit because of the difference between accounting expense and the opportunity cost of production. Some accounting expense is not an opportunity cost and some opportunity cost is does not show up as an accounting expenses.

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Lesson 8: Market Shocks | Unit 1: Adjustments Page: 1 of 20

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In this lesson we use the market as a tool to understand our economic world, specifically, we see how markets move from one equilibrium to another.

One goal of this lesson:

  • Use the market model to examine the why and how of market shocks, adjustments to a new equilibrium.
Why do we do this?
  • Markets in the real world do not remain at the same equilibrium forever. Markets move. Prices and quantities change.
  • To understand real world changes, we need to analyze what happens to the market when a shock disrupt it.

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    PRINCIPAL-AGENT PROBLEM

    A disconnection or conflict between the objectives and goals of the principal and those of the agent authorized to represent the principal. The principal-agent problem arises because an agent is given the responsibility and authority to take actions that affect both the principal, but can also affect the agent. This problem is common in corporate management, where the principal is shareholders and the agent is managers. It is also common in government, where the principal is the public and the agent is elected leaders.

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    Today, you are likely to spend a great deal of time at a garage sale trying to buy either blue cotton balls or a genuine down-filled pillow. Be on the lookout for mail order catalogs with hidden messages.
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    Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
    "If things are not going well with you, begin your effort at correcting the situation by carefully examining the service you are rendering, and especially the spirit in which you are rendering it."

    -- Roger Babson, statistician and columnist

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