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 CAN: The Andean Community (CAN) is a subregional organization endowed with an international legal status, which is made up of Bolivia, Colombia, Ecuador, Peru and Venezuela. The main objectives of the Andean Community are to promote the balanced and harmonious development of the member countries under equitable conditions, to boost their growth through integration and economic and social cooperation and to enhance participation in the regional integration process with a view to the progressive formation of a Latin American common market. The Andean Community started operating on August 1, 1997 with a General Secretariat, whose headquarters are in Lima (Peru), as its executive body.
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 Lesson 14: Production | Unit 2: Production Measures Page: 6 of 25

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

• A definition: total product.

• Total product is the total quantity of output produced by a firm for a range of different variable input quantities.
• Total product is simply the total amount of output produced in a given period.

• In the short run, total product is relation between total output and the quantity of the variable input.

• The Pretzel Haven's hourly production of pretzels is presented in this table.

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UNIT OF ACCOUNT

The money function in which money is used as the common benchmark to designate the prices of goods exchanged throughout the economy. Unit of account, or measure of value, means money is functioning as the measuring unit for prices. In other words, prices of goods are stated in terms of the monetary unit. This is one of four basic functions of money. The other three are medium of exchange, store of value, and standard of deferred payment.

 GRAY SKITTERY[What's This?] Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either a pair of red and purple designer socks or a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for slightly overweight pizza delivery guys.Your Complete Scope
 Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
 "A leader, once convinced that a particular course of action is the right one, must . . . be undaunted when the going gets tough."-- President Ronald Reagan
 AMWAverage Monthly Wage
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