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June 30, 2022 

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MARKET-ORIENTED ECONOMY: A mixed economy that relies heavily on markets to answer the three basic questions of allocation, but with a modest amount of government involvement. While it is commonly termed capitalism, market-oriented economy is much more descriptive of how the economy is structure.

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CHANGE IN AGGREGATE SUPPLY: A shift of the short-run or long-run aggregate supply curve caused by a change in one of the aggregate supply determinants. In essence, a change in aggregate supply is caused by any factor affecting supply EXCEPT the price level. This concept should be contrasted directly with a change in real production. You might also want to review the terms change in quantity supplied and change in supply, as well. The change in aggregate supply is comparable to the change in market supply. A change in aggregate supply is a change in ALL price level-real production combinations, meaning that each price level is matched up with a different level of real production (which is then illustrated as a shift of the short-run or long-run aggregate supply curve). This change in aggregate supply is caused by a change in any of the aggregate supply determinants. In contrast, a change in real production is a change from one price level-real production combination to the another.

     See also | aggregate supply | long-run aggregate supply curve | short-run aggregate supply curve | aggregate supply determinants | price level | real production | change in real production | change in quantity supplied | change in supply | market supply |


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CHANGE IN AGGREGATE SUPPLY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: June 30, 2022].


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SCARCITY

A pervasive condition of human existence that results because society has unlimited wants and needs, but limited resources used for their satisfaction. This fundamental condition is the common thread that binds all of the topics studied in economics.

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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time at a garage sale trying to buy either a wall poster commemorating last Friday (you know why) or a country wreathe. Be on the lookout for high interest rates.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"I learned about the strength you can get from a close family life. I learned to keep going, even in bad times. I learned not to despair, even when my world was falling apart. I learned that there are no free lunches. And I learned the value of hard work. "

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