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SPECIAL INTEREST GROUP: A group that has more to gain or lose from some candidate, issue, or policy and thus tries extra hard to ensure that the political system is aware of their preferences. Some special interest groups can be fairly tame, merely voting in elections for their chosen candidate, while others are quite active. The more active ones form political action committees and undertake all forms of lobbying (legal and illegal). The ultimate success of special interest groups arises from the inclination of other people to choose rational ignorance and rational abstention.

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Lesson 8: Market Shocks | Unit 4: Double Shifts Page: 17 of 20

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  • How the market equilibrium can be disrupted by simultaneous shifts in the demand and supply curves.
  • The four possible double shifts in the market: more demand and less supply, more demand and more supply, less demand and less supply, and less demand and more supply.
  • That an increase in demand and an increase in supply results in an increase in quantity and an indeterminant change in price.
  • That an increase in demand and a decrease in supply results in an increase in price and an indeterminant change in quantity.
  • That a decrease in demand and a decrease in supply results in a decrease in quantity and an indeterminant change in price.
  • That a decrease in demand and an increase in supply results in an decrease in price and an indeterminant change in quantity.


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AUTONOMOUS CONSUMPTION

Household consumption expenditures that do not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in consumption. Autonomous consumption is best thought of as a baseline or minimum level of consumption that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the consumption function or the consumption line. The alternative to autonomous consumption is induced consumption, which does depend on income.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for broken fingernail clippers.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
"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."

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