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MARKET FAILURE: A condition in which a market does not efficiently allocate resources to achieve the greatest possible consumer satisfaction. The four main market failures are--(1) public good, (2) market control, (3) externality, and (4) imperfect information. In each case, a market acting without any government imposed direction, does not direct an efficient amount of our resources into the production, distribution, or consumption of the good.
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C: The standard abbreviation for consumption expenditures by the household sector, especially when used in the study of macroeconomics. This abbreviation is most often seen in the consumption function, specified as C = a + bY, where Y stands for national income. It is also used for the aggregate expenditure equation, AE = C + I + G + (X - M), where I, G, and (X - M) represent expenditures by the other three macroeconomic sectors, business, government, and foreign. See also | consumption | consumption expenditure | household sector | national income | personal consumption expenditures | aggregate expenditures | investment expenditures | government purchases | net exports | I | G | X | M |
Recommended Citation:C, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: December 3, 2024].
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FALLACY OF COMPOSITION The logical fallacy of arguing that what is true for the parts is also true for the whole. In the study of economics, this takes the form of assuming that what works for parts of the economy, such as households or businesses, also works for the aggregate, or macroeconomy. The contrasting fallacy is the fallacy of division.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a looseleaf notebook binder or hand lotion, a big bottle of hand lotion. Be on the lookout for pencil sharpeners with an attitude.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Only great minds can afford a simple style." -- Stendhal, writer
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R&D
Research and Development
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