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LEAKAGE: A non-consumption uses of income, including saving, taxes, and imports. Leakages are combined with injections in the injection-leakage model used to identify equilibrium aggregate output in Keynesian economics. The notion of leakage is best viewed through the circular flow, in which saving, taxes, and imports are "leaked" out of the main flow between output, factor payments, national income, and consumption.

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Lesson 13: The Firm | Unit 4: U.S. Firms Page: 19 of 24

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  • Let's see what these numbers can tell us about firms in the economy.

    1. The most striking bit of information is that the overwhelming majority of firms in the economy are proprietorships.

    2. These proprietorships, however, tend to be small operations. Proprietorships account for only 5% of the total sales.

    3. While corporations constitute only 20% of the firms in the economy, they account for a whopping 89% of total sales.

    4. When you encounter a firm, the odds are it's a proprietorship.

    5. Nothing particular remarkable can be noted about partnerships.

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SLOPE, PRODUCTION POSSIBILITIES CURVE

The numerical value of the slope of the production possibilities curve, which illustrates the alternative combinations of two goods that an economy can produce with given resources and technology, is the opportunity cost of producing the good measured on the horizontal axis.

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Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

-- Henry David Thoreau, philosopher

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