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OPEN ECONOMY: An economy with a great deal of foreign trade. At the extreme, a completely open economy is one that has no trade barriers. Most of the world's hundred-plus nations are relatively open, but much less than they could be because of a wide assortment of trade restrictions. The more an economy is open, the more dependent it is on happenings around the world.
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Lesson 5: Market Demand | Unit 4: Determinants
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Page: 17 of 20
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Topic:
Ch...Ch...Changes
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The difference between:- Demand, the whole range of prices and quantities
- Quantity demanded, a specific quantity demanded at a specific price.
The difference between:- Change in demand, we are changing, moving, shifting, the entire demand curve, the whole set of prices and quantities is changing. The five determinants change the demand.
- Change in quantity demanded, we have moved to a new quantity on an same demand curve. Only the price of the good changes the quantity demanded.
- This difference lets us analyze cause and effect.
- Don't confuse these two.
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MARGINAL REVENUE PRODUCT The change in total revenue resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal revenue product, usually abbreviated MRP, is found by dividing the change in total revenue by the change in the variable input or by multiplying marginal physical product by marginal revenue. This is also termed value of the marginal product. Marginal revenue product is a key concept for understanding the demand for productive inputs.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for pencil sharpeners with an attitude.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"It takes generosity to discover the whole through others. If you realize you are only a violin, you can open yourself up to the world by playing your role in the concert. " -- Jacques Yves Cousteau, marine explorer
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JRE
Journal of Regulatory Economics
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