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ADVERTISING: Information provided about a product by a company to promote or maintain sales, revenue, and or profit. Advertising is often an explicit method of signalling that sellers use to provide information to buyers. The primary objective of advertising from the sellers perspective is to increase (or at least maintain) demand for a product. To accomplish this objective advertising provides buyers with two important types of information -- prices and product quality.
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Lesson 13: The Firm | Unit 5: The Bigger Picture
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Page: 24 of 24
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In this unit, you should have learned about:- The four market structures -- perfect competition, monopoly, monopolistic competition, and oligopoly.
- How market control differs for each of the four market structures.
- The business sector as the combination of all business firms in the economy.
- How the business sector interacts with the other three aggregate sectors -- household, government, and foreign -- through the circular flow.
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MARGINAL PROPENSITY FOR GOVERNMENT PURCHASES The change in government purchases induced by a change in income or production (national income or gross domestic product). The marginal propensity for government purchases (abbreviated MPG) is another term for the slope of the government purchases line and is calculated as the change in government purchases divided by the change in income or production. The MPG plays a role in Keynesian economics. It augments the slope of the aggregate expenditures line and is part of the multiplier process. A related marginal measure is the marginal propensity to consume.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for telephone calls from former employers.
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This isn't me! What am I?
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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APEC
Asia-Pacific Economic Co-operation
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