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June 28, 2016 

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LONG-RUN AGGREGATE SUPPLY CURVE: A graphical representation of the long-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The long-run aggregate supply, or LRAS, curve is one of two curves that graphical capture the supply-side of the aggregate market; the other is the short-run aggregate supply curve (SRAS). The demand-side of the aggregate market is occupied by the aggregate demand curve. The vertical LRAS curve captures the independent relation between real production and the price level that exists in the long run.

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TRANSPORTATION: The movement of a good, resource, or commodity from one location to another. This is one of two primary types of production activity, the other being the physical transformation of a good. Transportation invariably involves significant amounts of capital goods, which makes it an industry prone toward either oligopoly or monopoly. In fact, many major oligopoly and monopoly industries are heavily involved with transportation. Public utility monopolies top the list (electricity and natural gas distribution). Oligopoly examples include airlines, railroads, long distance telephone, and television broadcasting.

     See also | production | capital | oligopoly | monopoly | market structure | public utility |


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TRANSPORTATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2016. [Accessed: June 28, 2016].


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CAPITALISM

A type of economy, or economic system, based on--(1) private ownership of most resources, goods, and other assets; (2) freedom to generally use the privately-owned resources, goods, and other assets to get the most wages, rent, interest, and profit possible; and (3) a system of relatively competitive markets.

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State of the ECONOMY

Private Employer Cost for Employee Compensation
September 2015
$33.37 per hour
Benefits are $10.48 / hour Source: BLS

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Today, you are likely to spend a great deal of time flipping through the yellow pages wanting to buy either software that won't crash your computer or any book written by Stephan King. Be on the lookout for slightly overweight pizza delivery guys.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
"Concentration is the secret of strength in politics, in war, in trade, in short in all management of human affairs. "

-- Ralph Waldo Emerson, philosopher, poet

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