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December 19, 2018 

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MARKETING CONCEPT: Focusing the company’s attention on the wants and needs of the customer in the development of products, services, ideas, and strategies. This customer driven focus is throughout the structure of the organization, from the boardroom to the shipping department and every place in between. When a decision is to be made, the question is asked: “Is this going to be good for the customer?” If the answer is yes, the company is following the marketing concept

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PHYSICAL FLOW: In the circular flow, the counter-clockwise transfer of goods and services from the business sector to the household sector and the transfer of resource services from the household sector to the business sector. The payment flow moves in the opposite direction. The physical flow, the physical movement of goods and services, is the foundation of the economy's circular flow. The fundamental problem of scarcity is addressed by physically transforming scarce resources into goods and services that are then used to satisfy wants and needs.

     See also | circular flow | payment flow | goods | services | business sector | household sector | product markets | factor markets | consumption | gross domestic product | factor payments | national income |


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PHYSICAL FLOW, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: December 19, 2018].


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AGGREGATE MARKET

An economic model relating the price level and real production that is used to analyze business cycles, gross production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The aggregate market, inspired by the standard market model, but adapted to the macroeconomy, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers). Also known by the names AS-AD model or income-price model, the aggregate market is THE cornerstone model of macroeconomic analysis.

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[What's This?]

Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for defective microphones.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"How wonderful it is that nobody need wait a single moment before starting to improve the world. "

-- Anne Frank, diarist

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Journal of Public Economics
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