October 13, 2015 

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FINAL GOODS AND SERVICES: Goods and services that are available for purchase by their ultimate or intended user with no plans for further physical transformation or as an input in the production of other goods that will be resold. Gross domestic product seeks to measure the market value of final goods. Final goods are purchased through product markets by the four basic macroeconomic sectors (household, business, government, and foreign) as consumption expenditures, investment expenditures, government purchases, and exports. Final goods, which are closely related to the term current production, should be contrasted with intermediate goods--goods (and services) that will be further processed before reaching their ultimate user.

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PUBLIC CHOICE: A branch of economics that applies economic analysis to public (that is, government) decision-making, including voting behavior, legislative law-making, and related issues. Some of the more noted public choice principles include the voting paradox, logrolling, and the principle of the median voter.

     See also | political business cycle | fifth rule of imperfection | government | economic analysis |

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The transition of a business-cycle expansion to a business-cycle contraction. The end of an expansion carries this descriptive term of peak, or the highest level of economic reached in recent times. A peak is one of two turning points. The other, the transition from contraction to expansion, is a trough. Turning points are important because they represent the transition from bad to good or good to bad.

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State of the ECONOMY

Consumer Price Index Urban
July 2015
Up 0.4% from April 2015 Source: BLS

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[What's This?]

Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either a T-shirt commemorating the 2000 Presidential election or a really, really exciting, action-filled video game. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?

The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
"Nothing ever built arose to touch the skies unless some man dreamed that it should, some man believed that it could, and some man willed that it must. "

-- Charles Kettering, inventor

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