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FACTOR ACCUMULATION: An increase in the quantity of the four basic factors used to produce goods and services in the economy--labor, capital, land, and entrepreneurship. Increases in these "factors of production" enable an economy to produce more goods and services and therefore the long-run expansion of the economy's ability to produce output--that is, economic growth. Economic growth however, is made possible not only by increasing the quantity of the economy's resources, but also by increasing their quality.

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VOLUNTARY EXCHANGE: The process of willingly trading one item for another. The emphasis here is on "willingly." Voluntary exchanges are the heart and soul of market transactions, and should be contrasted with the "involuntary" exchanges mandated by government taxes, laws, and regulations. While involuntary government-forced exchanges play an important role in a mixed economy, economists really, really like voluntary market exchanges because they promote economic efficiency.

     See also | exchange | market | price | involuntary exchange | government | taxes | regulation | government functions | mixed economy |


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VOLUNTARY EXCHANGE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2015. [Accessed: May 25, 2015].


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INDUCED IMPORTS

Imports from the foreign sector that depend on domestic income or production (especially national income and gross domestic product). That is, changes in income induce changes in imports. Induced imports are measured by the marginal propensity to import (MPM) and are reflected by a positive slope of imports line. Induced imports are the reason for induced net exports, generating a negatively sloped net exports line. Autonomous net exports are due to a combination of autonomous exports and autonomous imports.

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Consumer Price Index W
September 2014
234.170
Up minimally in 1 month Source: B L S

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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.
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