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December 15, 2019 

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REGULATION, CAPTURE THEORY: Control of a regulatory agency by those entities, usually the businesses of a particular industry, that the agency is designed to regulate. Those industries subject to economic regulation that is intended to protect the public interest (consumers) invariably find it beneficial to exert influence over the regulatory agency. One common way of doing this is to have former or future employees in the industry "temporarily" work for the regulatory agency.

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PRODUCTION FUNCTION: A mathematical relation between the production of a good or service and the inputs used. A production function is usually expressed in this general form: Q = f(L, K), where Q = quantity of production output, L = quantity of labor input, and K = quantity of capital input.

     See also | total product | input | output | short-run production | production | labor | capital | fixed input | variable input | marginal product curve | average product curve | total product and marginal product | total product and average product | law of diminishing marginal returns |


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PRODUCTION FUNCTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: December 15, 2019].


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AUTONOMOUS INVESTMENT

Business investment expenditures that do not depend on income or production (especially national income or even gross domestic product). That is, changes in income do not generate changes in investment. Autonomous investment is best thought of as investment that the business sector undertakes regardless of the state of the economy. It is measured by the intercept term of the investment line. The alternative to autonomous investment is induced investment, which does depend on income.

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Today, you are likely to spend a great deal of time at the confiscated property police auction trying to buy either a how-to book on the art of negotiation or a flower arrangement for your aunt. Be on the lookout for broken fingernail clippers.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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