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OKUN'S LAW: A relationship that says that the gap between actual and full employment output level of gross domestic product widens by 3.0% for each percentage point increase in the unemployment rate. When Arthur Okun discovered this empirical relationship he was on President Kennedy's Council of Economic Advisers (CEA). Okun cautioned that the relationship was valid only within unemployment rates of 3% and 7.5%.
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Lesson 3: Scarcity | Unit 2: Resources
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Page: 8 of 17
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- The use of limited resources (factors of production) to produce goods and services that satisfy wants and needs.
- The four basic types of resources: labor, capital, land, and entrepreneurship.
- Labor as the human effort used to produce goods.
- Capital as the manufactured resource used in production.
- Land as the natural resources that provide the materials used in goods.
- Entrepreneurship as the factor that combines other resources in the production process.
- Differences between limited, scarce, and free resources.
- The fuzzy areas of overlap between the different types of resources.
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MARGINAL PROPENSITY TO IMPORT The change in imports purchased from the foreign induced by a change in income or production (national income or gross domestic product). The marginal propensity to import (abbreviated MPM) is another term for the slope of the imports line and is calculated as the change in imports divided by the change in income or production. The MPM plays a role in Keynesian economics. It augments the slope of the aggregate expenditures line and is part to the multiplier process. A related marginal measure is the marginal propensity to consume.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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"The road to success is always under construction. " -- Lily Tomlin, Actress
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DCF
Discounted Cash Flow
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