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KEIRETSU: A form of business structure common in Japan which involves an alliance of several businesses, each working toward the mutual success of the group. The alliance also has close ties to government. Each "independent" business owns stock in the others and shares executives and directors. Keiretsu can be either horizontally or vertically integrated. Horizontal keiretsu cluster around a major bank with business ventures in a wide variety of industries. Vertical keiretsu contain businesses in all production phases of a particular industry, from raw materials to production to marketing.

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Lesson 14: Production | Unit 3: Product Curves Page: 11 of 25

Topic: Total Product Curve <=PAGE BACK | PAGE NEXT=>

  • The total product curve.

  • The total product curve that graphically represents the relation between total production by a firm in the short run and the quantity of a variable input added to a fixed input.

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WHOLESALE PRICE INDEX

An index of the prices paid by retail stores for the products they ultimately resell to consumers. The Wholesale Price Index (WPI) was the forerunner of the modern Producer Price Index (PPI) and was discontinued in 1978. Other noted price indexes used to track economic activity are the Consumer Price Index (CPI) and the GDP price deflator.

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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex trying to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for crowded shopping malls.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
"An idea is never given to you without you being given the power to make it reality."

-- Richard Bach, Author

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Average Propensity to Consume
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