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October 17, 2018 

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HEDONIC: Derived from the philosophy of hedonism (that happiness is the chief good in life), the notion that value is ultimately dependent on the satisfaction of wants and needs. The word hedonic is most often used together with the word price, as in hedonic price. This suggests the view that price is based on the satisfaction generated by consuming a good, regardless of the source of the satisfaction. This notion of hedonic is closely related to, and largely indistinguishable from, the more common concept of utility.

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Lesson 1: Economic Basics | Unit 5: Policies Page: 17 of 18

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  • The use of government policies to pursue the five economic goals of a mixed economy.
  • The four government policies used to pursue economic goals: fiscal, monetary, regulatory, judicial.
  • The five reasons for government action: instability, public goods, limited competition, externalities, and inadequate information.
  • The four imperfections of government action: voter apathy, special interest groups, re-election minded politicians, and complex bureaucracies.

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AGGREGATE SUPPLY DECREASE, LONG-RUN AGGREGATE MARKET

A shock to the long-run aggregate market caused by a decrease in aggregate supply, resulting in and illustrated by a leftward shift of the long-run aggregate supply curve. A decrease in aggregate supply in the long-run aggregate market results in an increase in the price level and a decrease in real production. The level of real production resulting from the shock is a smaller level of full-employment real production.

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APLS

ORANGE REBELOON
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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for attractive cable television service repair people.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"Do what you feel in your heart to be right for you'll be criticized anyway. You'll be damned if you do and damned if you don't. "

-- Eleanor Roosevelt, first lady

SUR
Seemingly Unrelated Regressions
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