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ECONOMIC REPORT OF THE PRESIDENT: An annual report of the economic performance of the U.S. economy written by the Chairman of the Council of Economic Advisors (CEA). It provides an overview of the nation's economic progress. A goal of the report is to provide the President with objective economic analysis and advice on the development and implementation of a wide range of domestic and international economic policy issues. The Council of Economic Advisors, the governmental body responsible for the report, was established by the Employment Act of 1946. The Economic Report of the President has been published every year since 1950.

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Lesson 9: Macro Basics | Unit 2: Macro Problems Page: 7 of 16

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  • The three major goals of the macroeconomy: full employment, stability and growth, and the limitations to achieve them.
  • The three major macroeconomic problems of not reaching the macro goals: production, unemployment and inflation.
  • Difficulties in the production of goods and services that result from the demand and supply sides of the economy.
  • The problems of unemployment : lost production and personal hardships.
  • The problems of inflation: uncertainty, decline value of financial assets, haphazard income and wealth redistribution, and hyperinflation and reduced production.

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MARGINAL REVENUE CURVE, PERFECT COMPETITION

A curve that graphically represents the relation between the marginal revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. Because a perfectly competitive firm is a price taker and faces a horizontal demand curve, its marginal revenue curve is also horizontal and coincides with its average revenue (and demand) curve. A perfectly competitive firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.

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APLS

PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store trying to buy either a how-to book on the art of negotiation or a flower arrangement for your aunt. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?

Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover."

-- Mark Twain

EFT
Electronic Funds Transfer
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