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INPUT: The resources or factors of production used in the production of a firm's output. This term is most frequently associated with the analysis of short-run production, and is often modified by the terms fixed and variable, as in fixed input and variable input. In the short run, the quantity of a fixed input can not be changed, meaning it can not be used to expand output. In contrast, a variable input can be changed, making it THE means of expanding output in the short run.

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Lesson 10: Utility and Demand | Unit 1: The Set Up Page: 3 of 21

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  • Buying decisions, as well as those involving other activities, involving a comparison of the benefits with the costs.
    1. The benefits primarily include the satisfaction or utility derived from consuming the good or undertaking the activity.
    2. The costs include, but are not limited to, the price of the good (plus taxes and handling fees) and the utility foregone from other goods NOT consumed.

  • Other non-traditional areas of inquiry have proven fruitful:
    • Elections
    • Crime
    • Household Production

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STABILIZATION POLICIES

Economic policies undertaken by governments to counteract business-cycle fluctuations and prevent high rates of unemployment and inflation. The two most common stabilization policies are fiscal and monetary. Stabilization policies are also termed countercyclical policies, meaning that they attempt to "counter" the natural ups and downs of business "cycles." Expansionary policies are appropriate to reduce unemployment during a contraction and contractionary policies are aimed at reducing inflation during an expansion.

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Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for poorly written technical manuals.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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