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September 24, 2018 

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IN-KIND PAYMENT: A payment, usually in exchange for the productive efforts of resources, that takes the form of goods and services rather than the economy's standard monetary unit (that is, dollars). In other words, resource owners are compensated with a portion of the output that they helped to produce. The standard method of compensation, which is illustrated by the circular flow model, is for a firm to pay resource owners using money revenue received from selling its production. Hence most factor payments are monetary payments. However, in some circumstances firms and resource owners find it more convenient to use actual production for compensation, eliminating the middle sell-production-for-money step

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PRINCIPLE: A generally accepted, verified, fundamental law of nature. Principles have been tested and verified through the scientific method. As a house is constructed from concrete, lumber, and nails, a theory is constructed from principles. To be a fundamental law of nature, a principle must capture a cause-and-effect relationship about the workings of the world. One example might be something like, "people seek the greatest benefit at the lowest cost." The scientific method is essentially the process of building theories by identifying and verifying these fundamental laws of nature.

     See also | law | scientific method | science | hypothesis | theory | verification | law of increasing opportunity cost | law of demand | law of supply | law of diminishing marginal utility | law of diminishing marginal returns |


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AGGREGATE DEMAND CURVE

A graphical representation of the relation between aggregate expenditures on real production and the price level, holding all ceteris paribus aggregate demand determinants constant. The aggregate demand (AD) curve is one side of the graphical presentation of the aggregate market. The other side is occupied by the long-run aggregate supply curve and/or the short-run aggregate supply curve. The negative slope of the aggregate demand curve captures the inverse relation between aggregate expenditures on real production and the price level. This negative slope is attributable to the interest-rate, real-balance, and net-export effects.

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