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ACCOUNTING PROFIT: The difference between a business's revenue and it's accounting expenses. This is the profit that's listed on a company's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. It frequently has little relationship to a company's economic profit because of the difference between accounting expense and the opportunity cost of production. Some accounting expense is not an opportunity cost and some opportunity cost is does not show up as an accounting expenses.

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M: The standard abbreviation for imports produced by the domestic economy and purchased by the foreign sector, especially when used in the study of macroeconomics. This abbreviation is most often seen in the aggregate expenditure equation, AE = C + I + G + (X - M), where C, I, G, and (X - M) represent expenditures by the four macroeconomic sectors, household, business, government, and foreign. The United States, for example, buys a lot of the stuff produced within the boundaries of other countries, including bananas, coffee, cars, chocolate, computers, and, well, a lot of other products. Imports, together with exports, are the essence of foreign trade--goods and services that are traded among the citizens of different nations. Imports and exports are frequently combined into a single term, net exports (exports minus imports).

     See also | imports | exports | net exports | foreign sector | aggregate expenditures | consumption expenditures | investment expenditures | government purchases | domestic | foreign trade | balance of trade | free trade | trade barriers | quota | comparative advantage | C | I | G | M |


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ASSUMPTIONS, CLASSICAL ECONOMICS

Classical economics, especially as directed toward macroeconomics, relies on three key assumptions--flexible prices, Say's law, and saving-investment equality. Flexible prices ensure that markets adjust to equilibrium and eliminate shortages and surpluses. Say's law states that supply creates its own demand and means that enough income is generated by production to purchase the resulting production. The saving-investment equality ensures that any income leaked from consumption into saving is replaced by an equal amount of investment. Although of questionable realism, these three assumptions imply that the economy would operate at full employment.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"Use, do not abuse; neither abstinence nor excess ever renders man happy."

-- Voltaire, philosopher

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