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SPECIAL DRAWING RIGHTS: A system of accounts nations have with International Monetary Fund that are used to settle any balance of payments deficits. In essence, SDRs are simply an international currency that makes it easier to conduct all sorts of international transactions. In decades past, when gold was used as the primary international currency, any balance of payments deficits was paid with gold. However, in 1967 this system of SDRs was established in lieu of sending gold all over the globe.
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Lesson 5: Market Demand | Unit 1: Buying Basics
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Page: 3 of 20
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Topic:
Quantity Demanded
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Second, quantity demanded. Quantity demanded is the specific quantity of a good that buyers would be willing and able to buy at a specific price. - Price and quantity demanded are a pair of numbers that go together.
Quantity demanded is not the same as demand.- Demand is the entire range of prices and quantities (all pairs of numbers).
- Quantity demanded is a specific quantity at a specific price (a quantity paired with a price).
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AVERAGE PHYSICAL PRODUCT The quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average physical product, usually abbreviated APP, is found by dividing total physical product by the quantity of the variable input. Average product, which more often goes by the shorter name average product (AP), is one of two measures derived from total physical product. The other is marginal physical product.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for high interest rates.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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SPO
Strongly Pareto Optimal
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