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INFLATION PROBLEMS: Two notable problems are associated with inflation: uncertainty and haphazard redistribution. Inflation, especially inflation that varies from month to month and year to year, makes long-term planning quite difficult. Prices, wages, taxes, interest rates, and other nominal values that enter into consumer, business, and government planning decisions can be significantly affected by inflation. Moreover, inflation tends to redistribute income and wealth in a haphazard manner; some people win and some people lose. But this redistribution might not that desired by society, failing to promote any of the basic economic goals of efficiency, equity, stability, growth, or full-employment.
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Lesson 8: Market Shocks | Unit 4: Double Shifts
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Page: 17 of 20
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- How the market equilibrium can be disrupted by simultaneous shifts in the demand and supply curves.
- The four possible double shifts in the market: more demand and less supply, more demand and more supply, less demand and less supply, and less demand and more supply.
- That an increase in demand and an increase in supply results in an increase in quantity and an indeterminant change in price.
- That an increase in demand and a decrease in supply results in an increase in price and an indeterminant change in quantity.
- That a decrease in demand and a decrease in supply results in a decrease in quantity and an indeterminant change in price.
- That a decrease in demand and an increase in supply results in an decrease in price and an indeterminant change in quantity.
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RATIONING The distribution or allocation of a limited commodity, usually accomplished based on a standard or criterion. The two primary methods of rationing are markets and governments. Rationing is needed due to the scarcity problem. Because wants and needs are unlimited, but resources are limited, available commodities must be rationed out to competing uses.
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PURPLE SMARPHIN [What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for broken fingernail clippers. Your Complete Scope
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Good judgment comes from experience, and often experience comes from bad judgment." -- Rita Mae Brown ‚ Writer
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ARIMA Autoregressive Integrated Moving Average
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