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FINAL GOODS AND SERVICES: Goods and services that are available for purchase by their ultimate or intended user with no plans for further physical transformation or as an input in the production of other goods that will be resold. Gross domestic product seeks to measure the market value of final goods. Final goods are purchased through product markets by the four basic macroeconomic sectors (household, business, government, and foreign) as consumption expenditures, investment expenditures, government purchases, and exports. Final goods, which are closely related to the term current production, should be contrasted with intermediate goods--goods (and services) that will be further processed before reaching their ultimate user.

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Lesson 22: Factor Supply | Unit 3: Factor Supply Page: 16 of 25

Topic: Supply Curves Times Two <=PAGE BACK | PAGE NEXT=>

  • Market control on the buying side of factor markets means that firms can face one of two types of supply curves for the factors their employ:

  • Perfect Competition: If we're looking for a buyer with absolutely no market control, then we are looking for perfect competition.

  • Monopsony, Oligopsony, and Monopsonistic Competition: If we're looking for a buyer with market control, then we can choose among monopsony, oligopsony, and monopsonistic competition.

  • The relative elasticity of this curve depends, of course, on the market control of the buying firm.


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ASSUMPTIONS, KEYNESIAN ECONOMICS

The macroeconomic study of Keynesian economics relies on three key assumptions--rigid prices, effective demand, and savings-investment determinants. First, rigid or inflexible prices prevent some markets from achieving equilibrium in the short run. Second, effective demand means that consumption expenditures are based on actual income, not full employment or equilibrium income. Lastly, important savings and investment determinants include income, expectations, and other influences beyond the interest rate. These three assumptions imply that the economy can achieve a short-run equilibrium at less than full-employment production.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either a coffee cup commemorating yesterday or a replacement remote control for your television. Be on the lookout for slightly overweight pizza delivery guys.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"I do not believe in a fate that will fall on us no matter what we do. I do believe in a fate that will fall on us if we do nothing. "

-- Ronald Reagan, 40th US president

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Weak Law of Large Numbers
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