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BRAND PREFERENCE: The amount of brand loyalty a customer has toward a specific product or service. Some customers are fanatical about a certain brand and will not switch or even consider another substitute. That being said, brand loyalty is sometimes very sensitive to price fluctuations. In the soft drink industry, many consumers will switch back and forth between Pepsi and Coke, depending on which is on sale. These consumers might prefer one product to the other, but are not absolutely loyal or brand insistent.
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Lesson 9: Macro Basics | Unit 2: Macro Problems
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Page: 6 of 16
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Inflation is a stability problem that typically results because the four macro sectors of the economy demand more goods that the economy can produce. Inflation problems: - Future prices become increasingly uncertain.
- Financial assets like money, bank accounts, stocks and bonds decrease in value with higher prices.
- Income and wealth are haphazardly redistributed because prices change at different rates.
- Hyperinflation can reduce production because money becomes almost worthless and people revert to barter exchanges.
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BALANCE ON SERVICES A subset of the balance of payments current account that records the difference between the payments received for exports of services to other nations and the payments made for the imports of services from other nations. The flow of payments is for intangible services, not for physical or tangible goods. The balance on services is thus appropriately divided into services exported and services imported. Two other subsets of the current account include the balance on merchandise trade and unilateral transfers. The commonly termed balance of trade is the sum of the balance on merchandise trade and the balance on services.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"I learned about the strength you can get from a close family life. I learned to keep going, even in bad times. I learned not to despair, even when my world was falling apart. I learned that there are no free lunches. And I learned the value of hard work. " -- Lee Iacocca
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BVAR
Bayesian VAR (Vector Autoregression)
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